‘(1) Before the sale of banking assets in the ownership of HM Treasury, the Treasury shall lay before Parliament a report setting out—

(a) the manner in which the best interests of the taxpayer are to be protected in connection with such sale,

(b) the expected impact that any sale might have on competition for the provision of core services, customer choice and the rate of economic growth,

(c) an appraisal of the options for potential structural changes in the bank concerned including—

(i) the separation of the provision of core services from the provision of investment activities,

(ii) the retention of a class of assets in the ownership of HM Treasury,

(iii) the impact of any sale on the creation of a regional banking network.

(2) A copy of the report in subsection (1) shall be laid before Parliament and sufficient time shall be given for the appropriate committees of both Houses of Parliament to consider its findings before any sale decision.’.—(Chris Leslie.)

Brought up, and read the First time.

Question put, That the clause be read a Second time.

The House divided:

Ayes 228, Noes 292.

Question accordingly negatived.