24 JUNE 2000, Page 34

Liberal incentives

THE Financial Services and Markets Bill is limping on to the statute book after 2,000 amendments, which the Treasury seems to think is enough. When Lord Alexander of Weedon tried to protect the Takeover Panel — he used to be its chairman, and did much to restore its authority — the Liberal Demo- crat peers were not to be persuaded. They voted with the government and Lord Alexan- der's amendment was lost. Some unkind noblemen say that what persuaded the Lib Dems was the promise of two more life peer- ages. Surely not. It will be just a coincidence.