Member

Which of those is likely to happen? Will we have a limited and circumscribed Bill, where the regulator will have only the powers given to it in a strict way, or will it extend its power over time? We all know how regulators in this country operate. I do not think there has ever been a regulator that reduces its power voluntarily over time. For that reason, it is worth setting out now in Committee, in terms, what some of these restrictions are. We need to say some of the things that the regulator will expressly not be allowed to do. It is no good just saying “That wasn’t in the Bill”, because we know that is not how regulators operate. It is a little bit like the Bill of Rights to the US constitution; you need to say, “Just for the avoidance of doubt, these things are not in the power of the regulator”. If it is too much to insert that into the legislation, it would be very nice at least to hear it from the Front Bench officially, so that that can be referred back to when the time comes.