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Finance: Economic Regulation

Volume 707: debated on Monday 2 February 2009

Question

Asked by

To ask Her Majesty's Government whether the current economic circumstances require comprehensive economic regulation, in addition to market mechanisms. [HL843]

Government recognise the need for effective regulation. Across the economy government will continue to apply the better regulation principles of ensuring that regulation is targeted and proportionate. Effective and well focused regulation can play a vital role in correcting market failures, promoting fairness and increasing competition. But inefficient regulation or blanket enforcement imposes a significant and unnecessary burden on business, which should be minimised to help keep the UK competitive.