The House of Lords has now handed down decisions in six cases which have involved extended discussions of the scope of liability to compensate another for pure economic loss under the Hedley Byme principle. It seems reasonable to suppose that we can now arrive, on the basis of those decisions, at some conclusions as to when and why such liability arises. In this article we attempt to amve at such conclusions. In so doing we avoid using the usual terminology- ‘duty of care’, ‘proximity’, ‘just and reasonable’, ‘policy’, ‘reliance’, ‘assumption of responsibility’, ‘equivalent to contract’, even ‘negligence’-which an analysis of the scope and rationale of liability under Hedley Byme would be expected to employ.