Member

On the noble Lord’s Amendment 87, we do not think that attempting to fix in statute the number of employees that the regulator will be limited to, without an understanding of the workload or type of regulatory activity required, is appropriate. The regulator may need more than 40 full-time equivalents, or it may need fewer. That will be for the regulator to decide once it is set up, and this may change over time as appropriate to its workload. The Government will scrutinise its costs and the regulator will be governed by the Managing Public Money principles to ensure that it delivers value for money.