Lord Moynihan of Chelsea (Con)

My Lords, despite the very kind words of my noble friend the senior Lord Moynihan, and indeed of the noble Lord, Lord Goddard, I understand that we have to be careful in declaring our interests. I declare myself a season ticket holder of the Club World Cup champions of the world, whose games I have been attending since 1958—a time when many noble Lords were not even alive. As we enter what we might call the final minutes of extra time on this Bill, it would certainly be churlish of me not to repeat the words of my noble friend Lord Maude about the Minister’s very careful and kind attention throughout this Bill, and the improvements that have been made as this Bill has come back from the Commons. But somebody must stand up and say that there is an opinion that can be heard in this House that a regulator is a really bad idea for this sector. In saying that, I accept that it was our side, scoring, as you might say, an own goal, who started all of this. I hope that, if ever we come to power again, we have leaders who do not say, “There go the people, I must follow them”, but who think rather longer-term, not about how football fans respond to artfully constructed opinion polls but how football fans will react to the depredations of this regulator, however well-intended and good—and everybody on all sides has applauded the selection of the regulator—that will make this sector worse, and possibly very bad. Why do we have this regulator? Because, as the noble Baroness, Lady Taylor, mentioned, Bolton football club took some risks, went bust and got relegated. Is Bolton football club no longer? Has it now vanished? Oh, no, it is still around. For those who are not massively enamoured of or conversant with the world of business—it appears that most of the Cabinet is comprised of those who have never been involved in business—it may come as a surprise to know that this is how business works. You take risks and sometimes you go bust, then you get re-formed, as Bolton football club did, and you carry on, with the same fans and the same ground. They are in a lower division but can fight back and get re-elected to higher divisions.