Lord Fuller (Con)

My Lords, I will talk briefly in support of Amendment 182A in the name of the noble Lord, Lord Curry. This Bill should be shaping how private operators will address the market for mitigation; instead, we have Natural England becoming a monopoly supplier of mitigations in a drive to nationalise nature and, in so doing, potentially drive out private initiative. In an earlier group, I touched very briefly on the distinction between permitting and licensing. In my view, licensing is the way to go, because it prevents the derivative secondary markets that enrich the speculators at the expense of delivering the outcome. We cannot afford to create by way of permitting a new milk quota disaster—for those with long memories—where the mitigation industry just became a collateralised asset class that had everything to do with speculation and nothing to do with nature recovery. That is not an argument against private involvement, but it is an argument for channelling and regulating a fast-developing industry where we have global leadership, the encouragement of which will enrich our economy. We just need to avoid the Wild West I have seen emerging among some chancers who are taking the money and spending it on Ferraris rather than laying it down to provide mitigations for the entire liability period.