Government Resources and Accounts Act 2000 (Audit of Public Bodies) Order 2008

My Lords, I thought that the day would never arrive when Northern Rock passed me by, but it did momentarily. Now it is sharply back in focus. The noble Baroness conceded that Northern Rock was a company operating at arm’s length from the Government in temporary public ownership, so it will not be subject to government audit in the way a government body would be. However, she knows only too well that the Government need to safeguard big or small amounts of taxpayers’ money. Northern Rock comes into the first category—it is a fairly big amount. She will have to wait until the arrangements for the relationship between the Treasury and Northern Rock are put before the House. That will follow the work done in relation to the Commission and the submission under state aid to Brussels. We have indicated all along that one will follow the other. We will present that position in the fairly near future, and the business plan of Northern Rock will also become clear. If she can exercise her usual patience, I have no doubt that we will have plenty to discuss in the fairly near future on Northern Rock. On Question, Motion agreed to.