I have never used the expression “crashing out”, but I am grateful to my noble friend for making that point. These regulations, and a whole series of other regulations which I and other colleagues will be bringing before the House, are entitled “EU exit regulations”, and they are for dealing with that eventuality. It is essential that we make the right preparations for a no-deal situation, and this statutory instrument is part of that. It provides clarity for businesses and the clarity that will reduce litigation risk, protect consumers, and provide for a smooth transition from the current system in the EU to a stand-alone UK competition regime.

Motion agreed.