Clause 58

Part of Pensions Bill – in a Public Bill Committee at 12:15 pm on 5th February 2008.

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Photo of James Plaskitt James Plaskitt Parliamentary Under-Secretary, Department for Work and Pensions 12:15 pm, 5th February 2008

It will have a range of options open to it, which is the whole point of my argument about flexibility. It may well take private money, it may well have a loan from public sources. That is all the more reason why it is important at this stage to retain flexibility about funding requirements, so that all options are there, in order to protect and maximise the options for the scheme’s success, bearing in mind the point that I have made about transparency and that any loan, or even grant support, to the authority would have to be consistent with the European requirements. As it happens, those requirements allow for the option  of grants because this is a service of general economic interest and in those circumstances particular rules apply.