Member

The second benefit of the amendment is that it says—and I rather like this idea—that we should have a high-quality regulatory framework and a priority to maintain our regulatory autonomy. That does not mean we do not align with other jurisdictions; it means that we retain control of the extent to which we are aligned with other jurisdictions. In so far as that is encapsulated in a purpose clause at the outset, it would illustrate what use this legislation should be put to. We will come on to discuss the deficiencies of the Bill and whether the framework is sufficiently clear, but the more one is clear in statute what the purpose of a framework Bill is, the easier it is subsequently to scrutinise the many statutory instruments that will come forward in reference to it.