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Mr. Clifton-Brown: If more than 50 per cent. of underwriting capacity is controlled by offshore, Bermuda-based companies, how can the Minister be so confident that she will be able to regulate and maintain the Lloyd's market in London?
Ms Hewitt: It is not for the Government to tell Lloyd's, or any other business, how it should raise capital. Our responsibility, which we take extremely seriously, is to ensure that there is good regulation which provides proper security for policyholders and advice of an appropriate quality for capital providers.
As the hon. Gentleman said, the financial services marketplace is global and changing rapidly. I hope that it is not the policy of the official Opposition that we should venture into some kind of protectionism in financial services or any other industry.
Mr. John Burnett (Torridge and West Devon):
On behalf of Liberal Democrat Members, I congratulate the Minister on her appointment. I am diverting the question slightly, but, in hindsight, would the hon. Member for Cotswold (Mr. Clifton-Brown) have chosen to be a Lloyd's name with limited or unlimited liability?
Ms Hewitt:
I thank the hon. Gentleman for his kind remarks, but his question should be addressed to the hon. Member for Cotswold. Happily, it is not an issue on which the Government have to advise him.
The arrangements that I have set out, which we shall implement through the Act after consultation with Lloyd's, will ensure the strong and successful regulation of Lloyd's. In that regulation, we shall reflect the special role of the council of Lloyd's in controlling the affairs of the society and the powers available to it in doing so.
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