Member

I turn to whether Clause 13 should stand part of the Bill, tabled by the noble Baroness, Lady Stedman-Scott, which aims to focus attention on the need for a clear and standardised assessment of how value is determined to ensure effective comparability across arrangements. I realise this was tabled before the consultation was issued, but I hope that has now provided the noble Baroness with much of the information that shows how the framework is proposed to operate. Clause 13 explains the detail that regulations can include about how a VFM assessment is made, the factors that have to be taken into account when making comparisons, the metrics to be used and, crucially, how such comparisons should be made. For reference, chapters 3, 4 and 6 to 8 of the consultation give more detail on this. This clause enables those undertaking the assessment to be clear on the method they should follow and the criteria to be used. Clause 13 also gives the flexibility for VFM regulations to introduce benchmarks, against which schemes should compare their arrangements. Again, chapter 8 in the consultation has more on this. That flexibility to introduce benchmarks is necessary to improve comparability and transparency, and to help drive competition among schemes.