Oral Answers to Questions

Bob Blackman Excerpts

Thursday 6th March 2014 Commons Chamber

[Vince Cable]

There are often bonus levels that are extreme, but it is important to recall that at the peak of the financial crisis when the Labour party was in charge, there was a bonus pool of well over £12 billion. That has now shrunk to a tiny fraction of that, and at least one bank to which the hon. Gentleman referred—Lloyds—is making a significant improvement in the supply of small business lending.

[Bob Blackman (Harrow East) (Con)]

3. What steps he is taking to reduce the amount of EU regulation which affects businesses.

[The Minister of State, Department for Business, Innovation and Skills (Michael Fallon)]

The Government continue to press the European Union to reduce burdens on business. We are focused on delivering the business taskforce’s report, their 30 specific recommendations for reforming EU law, and the “compete” principles that should apply to all new EU legislation. We have already achieved good progress on seven of the 30 recommendations, and we are seeing growing recognition of the “compete” principles among major European business organisations and in the European Parliament.

[Bob Blackman]

I thank my right hon. Friend for that answer. Businesses in my constituency complain not only about EU regulations, but about the fact that other countries do not play by the same regulations, and that when our civil servants implement regulations, they gold-plate them. What action is my right hon. Friend taking to remove that gold-plating and ensure that we do the minimum possible to abide by the rules?

[Michael Fallon]

I think there was too much gold-plating in the past, and we have reviewed all 132 directives implemented in the past two and a half years since we tightened the rules on transposition. Of those 132, there is only one example of a directive being gold-plated. That is the consumer rights directive where we took the decision to better protect consumer interests in the use of premium lines.