Baroness Stowell of Beeston (Con)

My Lords, I do not have an awful lot to add to what I said during the debate. I think I covered all the important points. As I said, I have accepted that an aggregate cap of 15% for state-owned investment funds is necessary to ensure the financial viability of the news industry, but with some safeguards. I am grateful to the Minister for her gracious acceptance of the criticisms that I and others have levelled about the Government’s handling of this. It was good of her to do that, and I appreciate it. I take the Minister at her word about bringing back the supplementary regulations to deal with the loophole. I am disappointed that she is unable to give us a guarantee that it will be before the end of October, but I hear that she says that that is the Government’s intention. As I say that back to the Front Bench, I am looking at the business managers there: the Government Chief Whip and the Leader of the House. They will know from listening to this debate—although I know they were not in the Chamber—the strength of feeling among all noble Lords that the loophole that currently exists in these regulations must be closed. The Minister acknowledged my requirement that the new notification requirements that will be reflected in the supplementary regulations should also include a requirement on the Secretary of State to report to Parliament. I know that she was not able to give me a guarantee that they will be reflected in the regulations, but I hope very much that they can be. I find it surprising that the Government think that might require primary legislation—I am a bit baffled by that—but I am grateful for her commitment to explore that requirement. I hope that, between now and the Government laying those regulations, we can discuss that further and get it properly nailed down. I will not detain the House any further by pushing this regret amendment to a Division, because the noble Lord, Lord Fox, has already made it clear that the Liberal Democrats would not feel it necessary to support it—even though they have been so roundly defeated—but I am grateful to all noble Lords who spoke. Some important speeches were made, even those by colleagues who supported the fatal amendment. I think we all recognise that, as I said earlier, this is a very important matter. If there is one thing we all share, it is our commitment to a free press. Today is about ensuring that it can survive.