I disagree with a number of the Report’s conclusions, some of which appear to be inconsistent. I particularly reject any suggestion that the reforms will not have a substantial impact on the UK economy and the competitiveness of the UK financial services sector, or that the reforms could be responsibly delivered any faster than they are progressing. Since taking up my role as Economic Secretary, I have consistently heard the resounding message from industry that my key priority should be the delivery of these vital reforms. That work is well underway and as the Chancellor confirmed in his letter to you, as of 6 October, 21 of the 31 commitments set out as part of the Edinburgh Reforms have been delivered. Delivering ambitious regulatory change is a multi-step process that requires careful work, including industry consultation. As the committee noted in its Report, reforms to the financial services rules should be evidence-based, taking into consideration views from both industry and wider society. This engagement takes time and must be done correctly.” I strongly agree with this, and as a result, the Treasury is striving to balance the benefits of completing this work at pace, with the need to allow appropriate time for consultation and implementation.