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Part of Bank of England and Financial Services Bill [HL] – in the House of Lords at 4:45 pm on 15th December 2015.

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Photo of Lord Bichard Lord Bichard Deputy Chairman of Committees 4:45 pm, 15th December 2015

My Lords, in declaring my interest as chairman of the National Audit Office Board I hope that I will not be precluded on this occasion from thanking the Minister for bringing forward the amendments to Clause 11, which I am happy to support. In large part, the amendments deal with the concerns which the NAO had with the original draft, in particular by deleting the Bank’s power of veto over NAO value-for-money studies. As a result, these amendments protect the independence of the NAO and necessarily enhance the accountability of the Bank. I am grateful to the noble Lord and Members across the House who have helped to achieve a very happy outcome.