I would have to disagree with the right hon. Gentleman's suggestion that investing in carbon capture and storage and renewables is a bad thing to do. There is a time when regulation is right. We need to look at how we better regulate the banks and the way that they work. Over the past few years, we have seen some huge reductions in regulation in the European Union, and there is a target to reduce the number by another 25 per cent. by 2012. That has been greatly influenced by the better regulation unit that we set up here in the UK, which has found favour in other member states, and certainly within the Commission. I look forward to less red tape, but where we need it, it has to be SMART—specific, measurable, attainable, realistic and timely.
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