HC Deb 13 January 2003 vol 397 c413W
Norman Lamb

To ask the Chancellor of the Exchequer, if he will make a statement on the(a) activities and (b) purpose of the Finance Regulation and Industry Section of HM Treasury. [89264]

Ruth Kelly

[holding answer 7 January 2003]: The purpose of the Finance Regulation and Industry Directorate is to lead the Treasury's work in:

  1. (i) increasing the productivity of the economy;
  2. (ii) securing a competitive, efficient and well regulated financial sector;
  3. (iii) ensuring financial sector stability.

The Directorate's teams pursue a wide range of activities that contribute to these three key areas.

  1. (i) the enterprise and growth agenda—a programme of reforms aimed at the key drivers of productivity in the economy;
  2. (ii) the framework for competition and economic regulation of private sector monopolies;
  3. (iii) Public private partnerships and the private finance initiative;
  4. (iv) The UK and EU legislative framework for regulation in the financial sector, including the completion of the EU single capital market;
  5. (v) national and international systems for fighting financial crime, especially money laundering and terrorist financing; and
  6. (vi) reforms to increase efficiency, competitiveness and fairness in the financial sector and to reduce financial exclusion.

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