My Lords, I too will comment a little on the point about light-touch regulation. Before I do, earlier today—prompted, I think, by the noble Lord, Lord Parkinson—the Minister offered her good wishes to Newcastle in the Carabao Cup final at the weekend. I wondered whether she would also be willing to offer her best wishes to Liverpool at the weekend, with the due impartiality that is merited. We need a little help tonight, because we are 1-0 down at half time to PSG, so she might like to send her immediate good wishes before it is too late for that game.

Needless to say—I have said this before—I truly support the regulation of English football, and I will not repeat what I have said in earlier debates. As the noble Lord, Lord Pannick, made clear, the Government’s amendment is extremely helpful. He intends not to press his own amendment, but I did not see anything wrong with underlining the point with the addition of “light-touch”.

Throughout my career, I experienced the public benefits of effective regulation in broadcasting. However, we know that not all regulation has proved successful in the UK or in other countries, and we must learn from both the successes and the lack of success. As the Chancellor said just a month ago, our economy has “suffered” due to “stifling and unpredictable regulation”. Overregulation bequeathed us the absurdly expensive and long-delayed HS2. On the other hand, under- regulation brings us sewage flowing freely into Lake Windermere, so we have to get the right kind of regulation.

These amendments should oblige the regulator to practise considered and proportionate regulation, focusing on what really matters—and more than one thing really matters, as has come out again and again in this debate. Above all, effective regulation here means ensuring that English football clubs should be well and prudently managed.