Part of Finance (No. 2) Bill – in a Public Bill Committee at 10:45 am on 26 October 2010.
Chris Leslie
Shadow Minister (Treasury)
10:45,
26 October 2010
It is useful to know that the Minister will keep the matter under review. Clearly, there have been concerns about certain quarters of the financial services sector that have been highly leveraged or have debt-finance arrangements that swirl around into complex sets of circumstances. If the Clause is designed to guard against cash-rich, non-UK parented groups funding UK operations in a debt context, that would seem to be relevant in many ways to parts of the financial services sector. Will he give a commitment not only that this is a matter for review, but that there is a broad intention at some point to extend such rules to financial services, because that would give a useful indication of his direction of travel? I entirely understand the complexity, but it would be worth knowing whether such complexity makes it impossible to cover the sector, or whether the Treasury will endeavour to find ways to settle the matter.
A parliamentary bill is divided into sections called clauses.
Printed in the margin next to each clause is a brief explanatory `side-note' giving details of what the effect of the clause will be.
During the committee stage of a bill, MPs examine these clauses in detail and may introduce new clauses of their own or table amendments to the existing clauses.
When a bill becomes an Act of Parliament, clauses become known as sections.
Ministers make up the Government and almost all are members of the House of Lords or the House of Commons. There are three main types of Minister. Departmental Ministers are in charge of Government Departments. The Government is divided into different Departments which have responsibilities for different areas. For example the Treasury is in charge of Government spending. Departmental Ministers in the Cabinet are generally called 'Secretary of State' but some have special titles such as Chancellor of the Exchequer. Ministers of State and Junior Ministers assist the ministers in charge of the department. They normally have responsibility for a particular area within the department and are sometimes given a title that reflects this - for example Minister of Transport.
A parliamentary bill is divided into sections called clauses.
Printed in the margin next to each clause is a brief explanatory `side-note' giving details of what the effect of the clause will be.
During the committee stage of a bill, MPs examine these clauses in detail and may introduce new clauses of their own or table amendments to the existing clauses.
When a bill becomes an Act of Parliament, clauses become known as sections.
