§ 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. 
§ Ruth Kelly
[holding answer 7 January 2003]: The purpose of the Finance Regulation and Industry Directorate is to lead the Treasury's work in:
- (i) increasing the productivity of the economy;
- (ii) securing a competitive, efficient and well regulated financial sector;
- (iii) ensuring financial sector stability.
The Directorate's teams pursue a wide range of activities that contribute to these three key areas.
- (i) the enterprise and growth agenda—a programme of reforms aimed at the key drivers of productivity in the economy;
- (ii) the framework for competition and economic regulation of private sector monopolies;
- (iii) Public private partnerships and the private finance initiative;
- (iv) The UK and EU legislative framework for regulation in the financial sector, including the completion of the EU single capital market;
- (v) national and international systems for fighting financial crime, especially money laundering and terrorist financing; and
- (vi) reforms to increase efficiency, competitiveness and fairness in the financial sector and to reduce financial exclusion.