My Lords, I am still not convinced by the argument. The essence of my argument is that there should be symmetry of regard for profit and
allowable cost. The allowable costs are so intrinsic to how much defence equipment costs the taxpayer, and so much a part of contracts which, over the years, have received massive—perhaps unfair—public criticism. This part of the Bill—which, as I have already said, is a good try and something that we support—will have the biggest impact on cost and profit, and we are not exposing it to the public scrutiny that having the criteria and framework in regulation would allow and, indeed, insist on.
I am incredibly impressed by my arguments but equally seized of the fact that I would not win a vote, so, with enormous reluctance, I beg leave to withdraw the amendment.