The hon. Gentleman may have noticed that last week TheCityUK, which obviously has an interest in the area he refers to, was talking about mutual recognition and external equivalence, as it were, rather than passporting. We have not arrived at a conclusion on that yet, but he is right that the goods side of it will be easier. That is partly because the single market is very incomplete in services. However, notwithstanding that, we have been very successful in this area, and he may take it as read that we will continue to facilitate that success.