Examination of Witness (Questions 520
WEDNESDAY 22 MARCH 2000
520. Much of this is the trust and confidence
to use it.
A. Yes, indeed.
521. Do you think that regulations play a part
in that trust or that benchmarking, or would having some sort
of tag on it make somebody like me in a micro business at home
feel more confident using it?
A. I think that the Government regulation is
a fall back position. In fact under the new trust scheme reserve
powers will be held to see if it does not work. If it does work
then non-governmental intervention is by far the most favourable.
522. It is really self-regulation.
A. It is indeed, yes. If it does not operate
then the Government will step in.
523. Do you think in practical terms self-regulation
will come about and, secondly, do you think Europe or America
may be further forward in that? Do you think that one can go without
the other? Who is going to link all this together because it is
A. When we talk about the global economy we
do have local taxation requirements, we do have local customs
and practices to take into account, just the way that people have
authorisation to trade over the Internet, for example. This is
just one simple matter, these are not really regulatory matters,
these are cultural matters and are, perhaps, the biggest stumbling
block to a real worldwide global communication environment free
524. Thank you very much, indeed. You have been
very good and you have indirectly responded to the four bullet
points you put to us in advance. We have been asking you to run
out a whole host of statistics
525.and perhaps it is a little bit unfair
to ask you to keep those in your head. You did mention that on
the business-to-business statistics you could sort them out and
send them on to us afterwards.
A. I would be delighted to, my Lord.
Chairman: Thank you very much indeed.