§ Mr. FrenchTo ask the Chancellor of the Exchequer what assessment he has made of the benefits arising from the transfer of the regulation of wholesale financial markets from the Department of Trade and Industry to the Treasury.
§ Mr. NelsonThe wholesale financial markets are regulated by the Bank of England under section 43 of the Financial Services Act 1986. I have no reason to believe that the transfer of responsibilities for financial services from the Department of Trade and Industry to the Treasury will have any impact in this area.