To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of fragmented payment processes in property transactions on levels of fraud risk.

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of fragmented payment processes in property transactions on levels of fraud risk.

To ask the Chancellor of the Exchequer, what discussions she has had with regulators and industry on updating the financial infrastructure that underpins the movement of funds during property transactions.

To ask the Chancellor of the Exchequer, what discussions she has had with regulators and industry on updating the financial infrastructure that underpins the movement of funds during property transactions.

To ask the Chancellor of the Exchequer, what steps she is taking to tackle vulnerabilities in property transactions, particularly in the handling and movement of large sums during settlement, in the Economic Crime Plan.

To ask the Chancellor of the Exchequer, what steps she is taking to tackle vulnerabilities in property transactions, particularly in the handling and movement of large sums during settlement, in the Economic Crime Plan.

To ask the Chancellor of the Exchequer, what discussions her Department has had with regulators and industry on modernising the financial infrastructure related to property transactions.

To ask the Chancellor of the Exchequer, what discussions her Department has had with regulators and industry on modernising the financial infrastructure related to property transactions.

To ask the Chancellor of the Exchequer, if she will make an assessment with Cabinet colleagues of the potential merits of implementing a pilot scheme for banks to provide standardised anti-money laundering checks for use in property transactions.

To ask the Chancellor of the Exchequer, if she will make an assessment with Cabinet colleagues of the potential merits of implementing a pilot scheme for banks to provide standardised anti-money laundering checks for use in property transactions.

I shall respond to the invitation of the noble Lord, Lord Hunt, to look to the future rather than to the past. I have a couple of questions on these amendments, following up on the final point that my noble friend has just made. When the report is delivered to...

I shall respond to the invitation of the noble Lord, Lord Hunt, to look to the future rather than to the past. I have a couple of questions on these amendments, following up on the final point that my noble friend has just made. When the report is delivered to...

Amendment 3 3: After Clause 2, insert the following new Clause— "Provisions for employee ownership scheme Any issue or disposal of shares in the original holding company, or any of its subsidiaries to a party other than the Treasury, the Secretary of State or any nominee of either of them,...

Amendment 3 3: After Clause 2, insert the following new Clause— "Provisions for employee ownership scheme Any issue or disposal of shares in the original holding company, or any of its subsidiaries to a party other than the Treasury, the Secretary of State or any nominee of either of them,...

We have no present plans to increase the extent of the privatisation. I still await our debate on the very clauses to which the noble Lord referred. I have been restricting my remarks to just these two amendments. If he will allow me, I will return and properly answer his...

We have no present plans to increase the extent of the privatisation. I still await our debate on the very clauses to which the noble Lord referred. I have been restricting my remarks to just these two amendments. If he will allow me, I will return and properly answer his...

Will my noble friend clear something up for us? Is the £100 million that has been lost through liberalisation clear profit or just £100 million of business? If it is £100 million of business, it is not profit; it represents only a bit of the turnover. To keep bandying about...

Will my noble friend clear something up for us? Is the £100 million that has been lost through liberalisation clear profit or just £100 million of business? If it is £100 million of business, it is not profit; it represents only a bit of the turnover. To keep bandying about...

My amendment is prompted by concerns that the reorganisation envisaged by the Bill will lead to a weakening of the relationship between the Royal Mail Group and Post Office Limited. As many noble Lords will know, the current relationship is not just helpful but absolutely critical for the post office...

My amendment is prompted by concerns that the reorganisation envisaged by the Bill will lead to a weakening of the relationship between the Royal Mail Group and Post Office Limited. As many noble Lords will know, the current relationship is not just helpful but absolutely critical for the post office...

I thank the Minister for that reply. I would just draw his attention to Network Rail—a company without shareholders and, apparently, without responsibility to government. Whenever I ask a Question on it, I am invited to write to the chairman at an address in Euston. No doubt that means that...

I thank the Minister for that reply. I would just draw his attention to Network Rail—a company without shareholders and, apparently, without responsibility to government. Whenever I ask a Question on it, I am invited to write to the chairman at an address in Euston. No doubt that means that...

In the amendment I have identified three key and well known stakeholders represented in successful board models operated in northern Europe. Responsibility to shareholders is regarded in the amendment, as in much of northern Europe, not as the sole criterion of a business’s success. That works in northern Europe and...

In the amendment I have identified three key and well known stakeholders represented in successful board models operated in northern Europe. Responsibility to shareholders is regarded in the amendment, as in much of northern Europe, not as the sole criterion of a business’s success. That works in northern Europe and...

I am happy to provide the answer under this group of amendments. The Government are committed to ensuring that we have the controls over a Royal Mail company that the ownership of the majority of the shares brings. The noble Lord will be aware of the technical definition that determines...

I am happy to provide the answer under this group of amendments. The Government are committed to ensuring that we have the controls over a Royal Mail company that the ownership of the majority of the shares brings. The noble Lord will be aware of the technical definition that determines...

I believed that I was making exactly the same point about practicalities as the noble Lords, Lord Lea and Lord O'Neill. We must look at this realistically. I fear that I am approaching this as a lawyer. What guarantee is there that you will find a partner to participate on...

I believed that I was making exactly the same point about practicalities as the noble Lords, Lord Lea and Lord O'Neill. We must look at this realistically. I fear that I am approaching this as a lawyer. What guarantee is there that you will find a partner to participate on...

If I am being less than accurate, I am only citing the figures that Adam Crozier gave as chief executive of Royal Mail when the committee, of which my noble friend was previously the chairman, asked for them. He remarked that it had cost Royal Mail £100 million. I am...

If I am being less than accurate, I am only citing the figures that Adam Crozier gave as chief executive of Royal Mail when the committee, of which my noble friend was previously the chairman, asked for them. He remarked that it had cost Royal Mail £100 million. I am...

I have no wish to delay the Secretary of State’s response to the challenge that he has just received from his noble friend Lord Hoyle, but it is important that my party’s position on this issue is set out very clearly. That will come as no surprise to the noble...

I have no wish to delay the Secretary of State’s response to the challenge that he has just received from his noble friend Lord Hoyle, but it is important that my party’s position on this issue is set out very clearly. That will come as no surprise to the noble...

In the first instance, I will respond to two specific questions. Other contributions have been wider and more general, and I shall come to them in a moment. My noble friend Lord O’Neill asked why the Government did not use Section 67 of the existing Postal Services Act to sell...

In the first instance, I will respond to two specific questions. Other contributions have been wider and more general, and I shall come to them in a moment. My noble friend Lord O’Neill asked why the Government did not use Section 67 of the existing Postal Services Act to sell...

I wish to keep it in the public sector as a separate company, but not to be shackled by the Treasury. A stand-alone company is quite simple and would be very much like other companies have been.

I wish to keep it in the public sector as a separate company, but not to be shackled by the Treasury. A stand-alone company is quite simple and would be very much like other companies have been.

No scheme has been devised in similar circumstances for my noble friend to have his cake and eat it in the way that he has described. But perhaps he is even more ingenious than those who have previously addressed these issues. This group of amendments relates to the provisions which...

No scheme has been devised in similar circumstances for my noble friend to have his cake and eat it in the way that he has described. But perhaps he is even more ingenious than those who have previously addressed these issues. This group of amendments relates to the provisions which...

We have had an interesting debate and I am grateful to all those who have participated, and I thank my noble friends Lord Hoyle, Lady Turner, Lord Clarke and Lord Lea for their support. I notice that the Liberal Democrat spokesman has disappeared from his place. He might as well...

We have had an interesting debate and I am grateful to all those who have participated, and I thank my noble friends Lord Hoyle, Lady Turner, Lord Clarke and Lord Lea for their support. I notice that the Liberal Democrat spokesman has disappeared from his place. He might as well...