I do not for a moment expect that the majority of market investigations will take the Competition Commission two years to deal with. This provision is a long stop; it is not an assumption of an average time, or the likely time or even the time that exceptional cases might take.

By way of comparison, Opposition members talked about monopoly inquiries. Over the past four years, these have taken the Commission 13 months, on average, from the date of reference to the publication of report. Therefore, twelve months would reduce that period. Of course, that is not an exact precedent, and I accept the points made by Opposition members because there will be differences between market investigations and monopoly inquiries, but I can see no reason why the average market investigation should take twice as long as the average monopoly inquiry.

I share the concern of Opposition Members that market investigations should not take any longer than they have to, especially as it is clear that they place burdens on the businesses that are under investigation. The statutory maximum is a long stop, rather than a norm. For each inquiry, the Competition Commission will set a detailed administrative timetable as soon as possible after the reference is made. If an inquiry does not warrant a two-year investigation—I do not expect that most of them will—that will be reflected in the administrative timetable, which will be published early on. However, the fact that many investigations can and will be conducted in less than two years does not justify the amendment—notwithstanding the support for it from that well-known militant trade union, the Law Society—because it would impose on the Competition Commission a statutory maximum that is shorter than the average length of current monopoly inquiries. In other cases, the amendment would destroy the Competition Commission's ability to conduct a market investigation effectively.

We want a predictable framework so that people know what length of time inquiries are likely to take. We cannot tell at the moment, but we know that, like monopoly inquiries, the inquiries will often involve

enormous quantities of data, complex legal, regulatory and economic issues, and many parties. We believe that it would be dangerous to set the initial statutory maximum at less than two years, although I emphasise that we hope that most investigations will be concluded in a considerably shorter period.

Obviously, as hon. Members suggest, in the light of new experience, it might be appropriate for the Secretary of State to exercise her power under subsection (3) to reduce the statutory maximum. We want a quality process that fits. We are dealing with a horses for courses situation, and the time frame needs to be right for each investigation. In the final analysis, fairness is more important than speed. We believe that our proposal strikes a proper balance between thoroughness and urgency. I hope that I have persuaded the hon. Member for Cities of London and Westminster to withdraw the amendment.