Obviously I cannot speak for the United States Government. I am not sure whether they would be able to protect a company based in the United States under their laws if that company was in breach of the international regulation and convention that apply here. However, as I have said, that does not arise at present, and there are ways of handling the accession of companies whose nation states are not party to the convention.
My hon. Friend the Member for Bury North asked why the 1981 Act was being changed now, and why it was passed at the time. I dealt with that question a moment ago. The atmosphere surrounding the exploration of deep-sea minerals was very different in 1981. Things have moved on since then, and we need to upgrade the legislation. The Act was passed at a time when early and rapid exploration was anticipated, but it did not happen, so there has been no need to replace that temporary provisions legislation during the intervening years. However, market and technological developments now suggest that the time is right to amend it, and the Government will therefore support the Bill.
My hon. Friend the Member for Shipley raised questions about the prosperity agenda. He asked how we could ensure that our determination to enforce environmental controls and licensing did not get in the way of those wishing to become involved in business. Fees are prescribed with the consent of the Treasury. I must admit that I do not have the fees in front of me, but I can assure my hon. Friend that I will have them in time for the Committee stage. I can tell him that only two licences have been applied for over the years, and I have no reason to believe that the fees have posed any difficulty. Indeed, as I said earlier, the company that was most recently involved in the process thanked the Government and congratulated them on their help and support. What I do know is that the fee for application to the ISA for a licence is some US$500,000. We are not talking about applications by companies operating on a small scale. We are talking about big business and serious sums, which is understandable if the authority is to be allowed to do its work and ensure that no one makes a frivolous application.
As I said, only two licences have been issued In the United Kingdom under the 1981 Act. We monitor carefully the compliance by the contractor with the
terms of the licence, and we are not aware that any company has applied for a licence and been refused, or had its licence revoked. I can reassure Members who are worried that there is no evidence that the regime is in any way putting anyone off.