EU: Financial and Monetary Co-ordination

Lord Newby Excerpts

Monday 6th June 2011 Lords Chamber

[Lord Sassoon]

My Lords, we have had a number of opportunities in recent weeks and months, and I am sure that we will again. We have to get the EU budget under control. The rules of accountability and audit need considerable improvement. The Government are actively working on the case. Drawing a connection between that and the regulatory architecture of the financial institutions is somewhat tenuous. We are cleaning up the whole mess left behind on financial regulation, which starts at home. That is why, very shortly, the Government will publish a next round of consultation and a draft Bill to show how we are putting in place a proper system of financial regulation for the UK.

[Lord Newby]

My Lords—

[Lord Eatwell]

My Lords—