I fully agree, and I shall develop that argument. What my hon. Friend is suggesting in his proposal is that it would be better if this clause were brought forward by the Government rather than in a private Bill. That is because of the scale of the risk involved in the exercise of these powers.
I would welcome it if these powers were brought forward in a public Bill. Why do I believe that? Madam Deputy Speaker, let me take you to pages 929, 930 and 931 of “Erskine May”, with which I am sure you are fully conversant. On those pages, we see identified the subjects that should be considered as unsuitable for private legislation, but which should be dealt with by a public Bill. It says that a private Bill has sometimes been rejected, although properly introduced—as this one has been—because the House has decided, given the merits of the Bill in question, that the subject matter was unsuitable for private legislation.
There are examples in “Erskine May”, on pages 929, 930 and 931, of attempts to use private Bills to raise money for public purposes; it argues that they should fall under a public Bill. I will not go through them at length, but I will draw the House’s attention to the decisions made by previous Speakers. Those decisions have been based on “Erskine May”, which says:
“A bill the sole object of which was the creation of a charge on public funds has not been allowed to proceed as a private bill.”
There has also been the example of previous legislation. The Aberfan Disaster Fund Bill was rejected as a private Bill, but sections of it were brought forward as a public Bill. “Erskine May” says:
“A bill concerning a government guarantee, even though it amended a private Act, has been a public bill.”
That is exactly what the clause does.
I am not saying that the whole Bill is unsuitable for private legislation, but clause 4 certainly is, and it should be deleted. The whole purpose of the clause, as far as I can see, is to allow Transport for London to raise funds by mortgaging assets. However, at the end of the day, the final guarantor of those charges will be the taxpayer, or the Treasury. Therefore, the provision should be brought forward as part of a public Bill rather than a private Bill.
I do not want to go over the arguments that we have already had with regard to the magnitude of the financial risk, the values of the sites involved, the billions of pounds at risk or the long-term consequences for the travelling public if a number of these speculative developments by the Mayor of London or Transport for London go pear-shaped. As far as I see it, that risk is intolerable.