Lord Watts
Main Page: Lord Watts (Labour - Life peer)Department Debates - View all Lord Watts's debates with the HM Treasury
(2 years ago)
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Baroness Penn (Con)
The noble Lord will know that risks come alongside being a premier financial centre. The important thing is that we take action to address those risks. That is what the Government have been doing and will continue to do. We had part one of the economic crime Bill in the previous Session and part two will be forthcoming.
Lord Watts (Lab)
My Lords, the rest of Europe faces the same problem as the UK. Why are we are being hit harder than many other European countries?
Baroness Penn (Con)
The noble Lord is right in one respect: both the rest of Europe and the UK face heightened energy prices as a result of the war in Ukraine, and jurisdictions such as the US do not face equal pressures. But the UK also faces a tightness in its labour market that we see in the US, for example, that is not seen in other European countries. Factors have come together to make things harder for the UK in the current circumstances.