We are not talking about a principle or precedent, but an exception. I did not speak in earlier debates, so I do not understand why that exception has been made. The Bill to establish that got through the House quickly and, I think, with all-party support. That might be of interest to the hon. We are dealing with an anomaly and there are clear precedents for what the Bill is attempting to achieve.
Endowment funds are common in charitable activities.
John Lewis has been mentioned. Many charitable trusts have endowment funds for the good reason that they are enabled over many years to go on making a considerable contribution for the purposes for which they were established and not just in the early years or in the first year. It is true that current interest rates mean that not a great deal of income is coming from the funds, but that is not an argument against the principle because at other times the returns will be much higher. Many trusts have been set up with such funds, so they obviously fulfil an important purpose. I have been involved in discussions about whether, in the case of educational endowment funds, there should be a relaxation of the restrictions on income, especially in a period of high total returns because of the behaviour of the stock market or substantial capital gains.