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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 Lester of Herne Hill Lord Lester of Herne Hill Liberal Democrat 4:45 pm, 15th December 2015

My Lords, I have not taken any previous part in the debates on this Bill. I intervene only to explain why I fully support these amendments and the Minister’s statement. Many years ago I represented clients in the Crown Agents inquiry, which was concerned with how millions of pounds came to be lost in an unwise investment in Australia. The Bank of England’s role in that inquiry was important. It turned out that there was no legal adviser within the Bank at all. It seemed to me and many that the amateur system that then prevailed was quite bizarre. I very much welcome the fact that this Bill moves the Bank of England from the dark ages to an enlightened situation.