Banking Bill — Committee (4th Day)

Part of the debate – in the House of Lords at 5:45 pm on 20th January 2009.

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Photo of Lord Davies of Oldham Lord Davies of Oldham Deputy Chief Whip (House of Lords), HM Household, Captain of the Queen's Bodyguard of the Yeomen of the Guard (HM Household) (Deputy Chief Whip, House of Lords) 5:45 pm, 20th January 2009

I understand that position, but the contract is significant only in that it is effective. All I was indicating is that there is a precedent in situations in which action has to be taken: where something similar to Clause 75 obtains and it is necessary for us to apply the law in a rapidly changing situation that makes a particular demand on the authorities. As I have indicated to the noble Lord, if we were faced with a potential abuse of power, criticism would be voiced in very many quarters about it. However, we should balance what is without doubt an attribution of power to the authorities with the fact that they are dealing with an extremely difficult, and perhaps in the future often rapidly changing, situation in which they need to move with dispatch. I hope that that will satisfy the noble Lord and that he will withdraw his amendment.