HC Deb 23 July 1973 vol 860 cc1344-5
Mr. Sheldon

I beg to move Amendment No. 5, in page 4, line 30, leave out '(with Treasury concurrence)'.

The necessity here for Treasury concurrence seems rather surprising, since the Treasury must always be in on any discussion of the financial objectives. I should like to know why this reference appears in this part of the Bill as well as in other parts.

Mr. Nott

The financial element is obviously a key element in the proposed trading fund system, and it therefore clearly falls within the category of actions requiring Treasury concurrence.

Mr. Sheldon

It must do.

Mr. Nott That is true, and that is why it is contained in the Bill. We are not indulging in any new departure here.

It is made clear also in the Bill that, since a financial target will be set, it will be for the Treasury and the Minister responsible, in whatever Department it might be, jointly to fix the financial target. It is right that the Treasury should have a say in this rather than it being self-imposed by the Department concerned. But there is no disagreement between the hon. Gentleman and myself on this; we are merely setting out in an enabling Bill how the financial target would be set and how the arrangement would operate.

Mr. Sheldon

The only reason for the amendment was that the words seemed superflous. But I beg to ask leave to withdraw the amendment.

Amendment, by leave, withdrawn.

Motion made and Question, That the Bill be now read the Third time, put forthwith pursuant to Standing Order No. 56 (Third Reading), and agreed to.

Bill accordingly read the Third time and passed.

Back to