Parliamentary Standards Bill

I have no intention of amending Clause 5 further. I believe that it is excellent as it stands. It is extremely important and it lies at the heart of the new regime established by the Bill. This clause is essential for the re-establishment of public trust in Parliament. It demonstrates that House of Commons rules on financial interests should be drawn up and overseen by a body outside Parliament; that is what Clause 5 does. It sets out the requirement for the Independent Parliamentary Standards Authority to prepare a code on financial interests that must be observed by Members of the House of Commons. The noble Lord, Lord Strathclyde, suggested that there was now some confusion about the codes. My noble friend has kindly suggested that we prepare a note for all noble Lords setting out the differences between the two. The code referred to in Clause 5 specifically relates to financial matters. If the clause were removed from the Bill, I do not believe that the new body being established would have any oversight of these vital elements of MPs’ financial interests and therefore the Bill as a whole would not answer public demands for independence and transparency.