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Part of Bank of England and Financial Services Bill [HL] – in the House of Lords at 5:00 pm on 15th December 2015.

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Photo of Baroness Noakes Baroness Noakes Conservative 5:00 pm, 15th December 2015

My Lords, the Comptroller and Auditor-General and the National Audit Office are in agreement with this, but I would like to clarify the effect of proposed new Section 7E(2)(d). It allows for the publication of views where a matter in dispute cannot be resolved. That implies that there would be no agreement as to whether a particular audit could take place. That allows the Bank of England a backdoor power of veto if the arrangements are such that there is a possibility that even a dispute resolution procedure, as provided for under proposed new paragraph (c), results in there not being agreement. Therefore, is it possible that the Bank could de facto operate a veto?