Mr. Taylor:

The hon. Gentleman's homework will lead him to the conclusion that mergers are for the Monopolies and Mergers Commission and, likewise, matters of fair trading are for the Office of Fair Trading. Meanwhile, I do not think that anyone could say that the regulators lack powers or accountability. They are answerable to consumers, the MMC, Select Committees, the National Audit Office and judicial review. That is a great deal of accountability.