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Financial Services Bill

As the noble Lord, Lord Forsyth, knows, much as the noble Lord, Lord Newby, would make an excellent Minister in a Liberal Administration, I fear there is very little prospect of that happening and he does not speak for the Government in that respect. I suspect that the noble Lord, Lord Newby, will speak for himself on this, but there is also an extent to which there is a significant disruption to morale and the establishment of the FSA as a result of the uncertainty raised about its future by Mr Osborne’s proposals. That is probably having a more deleterious and expensive impact on the FSA than anything envisaged in this Bill.