Member

I am concerned that an extension of EU product law, such as the example I just gave, to a wider range of goods than those now covered by CE requirements will stifle innovation, growth and development in our sectors, with these consequences: giving overseas competitors advantages in the UK’s domestic market; making compliance and regulation too complex and costly; depressing market share; decreasing consumer choice; and raising prices at home and abroad. It will have an adverse impact on the potential of our businesses to grow, expand and export. For that reason, putting the growth object first in the Bill—my noble friend Lord Sharpe urges this, as do I in my amendment—will help contain the wider excesses of a political tendency to follow blindly where EU law has led. This was done with effect in Section 26 of the Financial Services and Markets Act, which we passed last year, where a competitiveness and growth object was included for the regulator. However, my amendment puts the duty directly on the Government of the day to legislate for good outcomes and growth in a manner that will help the UK and promote growth.