Member

I do not believe that the climate change principle, which found its way on to the list via the 2023 Act, is a regulatory principle at all in the sense of describing an essential element of how regulation should operate in practice. As drafted, this so-called principle refers to the need to comply with a net-zero target, but only where the regulators think that it is relevant to regulation. This will not necessarily please all those who have been trying to get green objectives into legislation, but it cannot be an essential element of regulation if the regulator has to decide whether or not it is relevant. I could go on in relation to the current regulatory principles, but I will not, for now. I will be challenging all those who have tabled amendments to this Bill that try to add new regulatory principles to justify why and how they are an essential and enduring element of regulation, as opposed to a current object of interest.