The Tories voiced disquiet over a 'Henry VIII clause' whichspokesman Howard Flight claimed 'gives the Treasury substantialpower to rewrite the whole Bill.'
Chichester Tory MP Andrew Tyrie objected that the clause meant MPsmay have wasted their time discussing details of legislationwhich officials could alter.
Former Attorney General Sir Nicholas Lyell warned: 'It is howBoris Yeltsin governs in Russia: it simply means dictat ordecree.'
But Economic Secretary Melanie Johnson said the power of theTreasury was heavily circumscribed and it 'is not given thepower to re-write the Bill.'
She said there were plenty of precedents for a sensible means ofupdating legislation.
Earlier the Tories lost a bid to exclude small independentfinancial firms from the requirement for full-scale audits forthe Financial Services Authority on the lines of the limitationfor other small firms in the Companies Act.
Financial Secretary Stephen Timms said the FSA would have power'to tailor its financial reporting requirements appropriately toparticular classes and sizes of authorised firms, whether theyare limited companies, partnerships or sole traders.'
The Bill is likely to complete is passage through the Commonsand be sent to the Lords early in the New Year.
Cotton seedling freezes to death as Chang'e-4 shuts down for the Moon's 14-day lunar night
Fortnite easily out-earns PUBG, Assassin's Creed Odyssey and Red Dead Redemption 2 in 2018
Meteor showers as a service will be visible for about 100 kilometres in all directions
Saturn's rings only formed in the past 100 million years, suggests analysis of Cassini space probe data
New findings contradict conventional belief that Saturn's rings were formed along with the planet about 4.5 billion years ago