My Lords, I am grateful to both noble Lords for their comments. I suspect that I will keep mine pretty brief and will write to them in further detail, which I think they will be grateful for, bearing in mind the hour. Again, I emphasise that the SIs are there for continuity through exit should there be no deal. We need to provide a degree of certainty for businesses at a time of significant change.
I will deal with some of the points that were made. On logging and mining, which both noble Lords raised, I will write to the noble Lord, Lord Fox, and copy that to the noble Lord, Lord Stevenson.
On the question of working closely with business, the noble Lord, Lord Fox, asked why we did not consult more widely. Officials did consult with stakeholder groups, including preparers, users and auditors, but they were not able to consult more widely due to negotiation sensitivities at the time.
I am afraid that both noble Lords are ahead of me in that I have not yet read the independent review of the FRC, but that will be something to look forward to on my Christmas list. The noble Lord, Lord Stevenson, commented on the barbed nature of some of the comments. It certainly adds to the joys of reading these things when they are written in such terms. We will carefully consider and consult on the recommendations and, if there are any, ensure that a smooth transition affects these functions. But obviously the FRC exists at the moment and therefore we have to make these changes.
Lastly, the noble Lord asked whether the SI would be impacted in future by the range of ongoing reviews in the audit market. I recognise that there is quite a range of work going on to ensure that the audit market is as effective as possible, which may lead to later changes, but as I have said on many occasions—and will continue to say—we will consult on those issues in due course.
I think I have answered the questions that both noble Lords have put to me and, there being no further interventions likely, I commend these two Motions en bloc to the House.