Hansard reports criticism of the way in which Treasury announced the measures implementing MLD5. In particular, it was disappointing that Treasury did not publish copies of the feedback on consultation and impact assessment with the legislation. The debate noted that the changes are wide-ranging, and that the impact assessment, when requested, estimated total costs of £2,474.1m over 10 years and that Treasury said it had not finalised the document because it was waiting for an opinion from the Regulatory Policy Committee.
In terms of the consultation response, this should have been made available at the time the instrument was laid before Parliament. Treasury said it had to delay publication because of the Brexit uncertainty and then the pre-election period and that it would be published “shortly”. The Committee has received a copy and says it is useful – and, noting the explanation for the delay, nevertheless says that better planning should have made earlier publication possible.