Lending (Regulation) Bill

Part of Prayers – in the House of Commons at 2:02 pm on 27 February 2009.

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Photo of Bill Cash Bill Cash Conservative, Stone 2:02, 27 February 2009

Having read the hon. Gentleman's Bill, I am bound to ask him a question in the light of the De Larosière report, which has just come out in the European Union and concerns the regulation of all financial services and all banking, with the proposal to shift the whole lot to a European level. The Bill refers to

"organisations representing consumers of financial services; and...any other organisation".

Does he agree that it is absolutely disastrous for us to send all this off to the European regulatory system, and that we should be ensuring that we legislate here, on our own terms, in this House of Commons, however much reform may be needed?