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Mr. Jim Cousins (Newcastle upon Tyne, Central): Can my hon. Friend assure the House that there will be no move to introduce legislation on limited liability partnerships until the Government are satisfied about the quality, substance and robustness of the independent regulatory regime to which he referred?

Mr. McCartney: I assure my hon. Friend that my Department will not publish any Bill, materials or proposals until we are satisfied that they meet the criteria set out in the manifesto and in what I have said this evening. There is no point in my giving commitments tonight and then going back on that promise during consultation on the draft legislation.

In conclusion, I thank my hon. Friend the Member for Great Grimsby for his personal contribution to the continuing debate on standards of auditing and of audit regulation. This area is vital for the credibility and reliability of accounts, and so for the competitiveness of the UK. I have listened carefully to him and to my hon. Friend the Member for Newcastle upon Tyne, Central. I shall bear their remarks in mind when I consider in detail the various aspects of the issue. As my hon. Friend the Member for Great Grimsby knows, I am happy once again to offer to meet him and his advisers. I am keen to hear the views of all those with an interest in those important matters, including the hon. Member for Hazel Grove (Mr. Stunell)-- The motion having been made after Ten o'clock, and the debate having continued for half an hour, Mr. Deputy Speaker adjourned the House without Question put, pursuant to the Standing Order.

Adjourned at twelve minutes to Eleven o'clock.

17 Jun 1997 : Column 225

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