Financial Services Bill
4:45 pm
Christopher Leslie (Nottingham East, Labour)
My hon. Friend is correct, and I swear by my cub scout oath that, if the Minister wants to bring something back on Report that is framed in a more modest, precise and measurable way, I will not crow from the rooftops on the Floor of the House; I will welcome it and congratulate him, and I will say that it is part of the scrutiny process. I make that solemn pledge to him today. I think it is possible to achieve that. There are probably very few external press organisations listening to our proceedings today, although I am not necessarily sure of that, but on the Floor of the House I would be happy to congratulate him and be the first to say that the change would be useful.
I really think that the Minister needs to look at the logic of his arguments to rebut the amendment. He needs to recognise that, as a financial stability objective setting out at the top of the Bill the goals and aspirations for the Bank of England and how it should operate, it is important that we signal to our constituents that the use of taxpayers’ money or public funds, however we describe it, is an issue to which the Bank of England should show some care and attention. That is all we are asking.
I am afraid that I do not wish to withdraw the amendment. It is important, so that we might encourage the Minister to revisit the issue at a later date, that we put the amendment to the vote.