Clause 1

Part of Financial Mutuals Arrangements Bill – in a Public Bill Committee am 9:30 am ar 25 Ebrill 2007.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Nicholas Winterton Nicholas Winterton Ceidwadwyr, Macclesfield 9:30, 25 Ebrill 2007

I say to my hon. Friend that I fully support the brief argument that he has just advanced in response to the hon. Member for Twickenham, who speaks with distinction for the Liberal Democrats. As a sponsor of the Bill, I have made some inquiries in my constituency. A major mutual, the Cheshire building society—and a good society it is—is based in Macclesfield and a smaller building society, the Vernon, operates in my constituency, although it is based in the Stockport constituency. They are supportive of the Bill, because they see it as a moat or defence for the long term. I believe that the Bill’s objectives are thoroughly desirable.

I think that I understand the Treasury’s intention in tabling the amendments and the new clause, and I am prepared to go along with it, because this is one way of getting the legislation on the statute book and, as my  hon. Friend said, that needs to be done soon. Perhaps the Treasury is being a little bit over-careful, but the amendments do not detract from the Bill. Like my hon. Friend, who has worked so hard to advance the Bill, I am happy to accept the Treasury’s amendments and the new clause.