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Clause 1 - Deputy Governors

Part of Financial Services Bill – in a Public Bill Committee at 12:00 pm on 21st February 2012.

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Photo of Chris Leslie Chris Leslie Shadow Minister (Treasury) 12:00 pm, 21st February 2012

I do not know whether Parliament should wait. Parliament needs to get on with the changes. This may be unavoidable, but if legislation and the process of scrutiny take place ex-post—after the changes have  already taken place—that is not exactly desirable. Parliament should consider changes before they take place in reality. Ultimately, it would put undue pressure on Parliament if we consistently backed into a corner and said, “You can’t unwind this now because the changes have already been made in practice.” To be fair to the Minister, we have not yet heard the argument, “Please don’t reject this particular arrangement because we have already spent millions and millions creating a shadow PRA or a shadow FCA.” That has happened in other pieces of legislation under the previous Government. All I am saying is that it is slightly unfortunate that we find ourselves in an unavoidable situation of legislating for arrangements when in reality they have already taken place.