Let me set out the general framework, and then I shall respond to those two points. As responsibility for student loans in Wales was devolved to Welsh Ministers back in 2006, it is important that the provisions apply equally to Wales. Any decision on the future sale of the Welsh loan book needs to be made in Wales by Welsh Ministers. Clause 8 gives Welsh Ministers the power to do that in the way that they have requested. Welsh Ministers are keen to ensure that maximum value for money is achieved for Welsh student loans and the powers are in place so that we can ensure that they do so. The Bill will enable them to decide when they deem it appropriate to use the powers, bearing in mind the relevant economic and value-for-money considerations—exactly the same value-for-money considerations that govern our decisions in England.

In accordance with the new devolution settlement agreed in 2006, the Bill will confer executive powers on Welsh Ministers to sell loans for which they are already responsible, mirroring the powers that it gives the Secretary of State for loans for which he is responsible. Those mirror powers are appropriate in these circumstances, as it is clear that that is what Welsh Ministers require. The clause confers on Welsh Ministers functions of an executive nature; it does not give them the power to make that legislation.

Let me pick up on the points that have been made. The first was about the difference of treatment that we may end up with between Wales and England. The responsibility is devolved. Part of the settlement of devolution is that the Welsh Assembly is allowed and empowered, in areas for which it has responsibility, to make decisions that may be different from those in England. In terms of the scale of things, the sums of money are relatively small, as Wales represents £1.1 billion of the £18.1 billion total student loan book. On whether there is an incentive for Welsh Ministers to undertake the step because money comes back to the Consolidated Fund and not the Welsh block, the money coming back to Government will give the Government as a whole greater flexibility in determining its spending priorities. Welsh Ministers cannot have the money directly attributed to their block but, as a DIUS Minister, I cannot have that money directly attributed to DIUS. Nevertheless, I am delighted and delirious to be taking the Bill forward.