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Edward Balls (Economic Secretary, HM Treasury; Normanton, Labour)

Given that the hon. Gentleman made some introductory remarks about the REIT regime, I was making some introductory remarks about it, too, and the changes that we are making in the schedule. It is for him to decide how he frames the debate, but I thought it would be helpful for me to put on the record for hon. Members the context within which his detailed points occur.

As I understand it, his detailed points do not concern the amendments, but given that the amendments are to the schedule and that they and the wider context cannot be understood without understanding the schedule, I thought it would be helpful to make a few remarks about the schedule. However, I shall be guided by you, Mr. Illsley.

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