Treasury select committee member Andrea Leadsom says the committee should have a stronger role in scrutinising European financial regulation.
Conservative MP Leadsom (pictured), who is also chair of the Euro- sceptic all-party parliamentary group for European reform, says the volume and impact of European legislation affecting UK financial services means it needs to be scrutinised very carefully.
She says: “We should be looking at these directives earlier. They are so important they need to be looked at before we get them basically as a fait accompli at the end of the European process.”
Leadsom asked Chancellor George Osborne at a committee hearing earlier this month if he would support the move. Osborne said it is important that European regulation is looked at “very carefully” and that it is a decision for the committee.
Leadsom’s committee colleague and Labour MP John Mann says the Treasury must remove “the cloak of secrecy” it has drawn around negotiations over European regulations. He says the department’s refusal to be transparent over its work on the regulations amounts to “an abuse of democracy”.
Responding to a 60-part written Parliamentary question from Mann asking for details of meetings with industry and European institutions, Treasury financial secretary Mark Hoban said it is not Government practice to provide details of the meetings.
A Treasury spokesman says: “The Chancellor and other Treasury ministers meet with many European and international counterparts as a regular and expected part of the policymaking process. All such meetings are carried out in accordance with Cabinet Office guidelines.”