Financial Services Bill

The government was defeated by just four votes yesterday afternoon in the House of Lords despite peers being threatened with the ultimate sanction: the loss of some of their treasured summer recess.

The government has been eaten alive in the Lords,” is how one Tory MP put it to me. “It was extraordinary.”

The topic may sound a bit dry. Ministers wanted to refer part of the financial services bill to a grand committee – while allowing peers to debate the (relatively) exciting bits involving the Bank of England in the upper chamber. Read more