Again, the hon. Gentleman makes a series of assertions in the absence of producing any evidence whereas I, in contrast, am placing the Government’s own report on the table as evidence on behalf of our case. Let members of the Committee make up their minds about it. He is behind the curve, in so far as the advantages of scale are now widely recognised in the investment sphere. Just a moment ago, I quoted the editor of MoneyWeek, who said there are far too many actively managed funds, which tend to be smaller, and the tide of opinion and the investing of assets is moving rapidly towards large, passively managed investments. However, we will let the Committee make up its own mind about that; we can disagree. I put the Kay report on the table.