HM Treasury written question – answered at on 28 January 2015.
Mike Weatherley
Conservative, Hove
To ask Mr Chancellor of the exchequer, what progress has been made on securing an emergency brake for any member state on future EU legislation affecting financial services.
David Gauke
The Financial Secretary to the Treasury
The Government is continually working to ensure that UK interests are fully reflected in EU negotiations on financial services legislation, which are particularly important to the UK given the size of our financial services industry. In negotiations on the creation of a banking union for the single currency, the Government secured important safeguards for the single market, including a new double Majority voting system at the European Banking Authority, and protection against UK financial liability through the new Single Resolution Mechanism. As we work with other Member States to improve the functioning of the EU, increase Europe’s competitiveness and complete the single market, we will continue to ensure that the UK’s interests in financial services are fully protected.
Yes1 person thinks so
No0 people think not
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The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
The term "majority" is used in two ways in Parliament. Firstly a Government cannot operate effectively unless it can command a majority in the House of Commons - a majority means winning more than 50% of the votes in a division. Should a Government fail to hold the confidence of the House, it has to hold a General Election. Secondly the term can also be used in an election, where it refers to the margin which the candidate with the most votes has over the candidate coming second. To win a seat a candidate need only have a majority of 1.
