I repeat, misconduct of any kind connected with a breach of trust, and particularly in respect of the affairs of the City of London, is very serious. Whether or not it amounts to fraud is a matter for the director of the serious fraud office to consider in due course. However, no one who has paid attention to the comments of my noble Friend Lord Young of Graffham when he was Secretary of State for Trade and Industry can be under the slightest illusion as to the high degree of gravity that he and the Government he represented attach to such misconduct. The matter was referred by the then Secretary of State for Trade and Industry to two inspectors, and a very thorough report was prepared and published, which has been sent to the director of the serious fraud office. The gravity that right hon. and hon. Members in all parts of the House attach to the matter is entirely understandable, but the proper authorities must be allowed to do their job.