UK must defend interests in EU regulation -lawmakers

Britain must make sure its vital financial sector is not undermined by any new Europe-wide regulations or supervisor, a report by lawmakers from the upper house of parliament said on Wednesday.

Britain must make sure its vital financial sector is not undermined by any new Europe-wide regulations or supervisor, a report by lawmakers from the upper house of parliament said on Wednesday.

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The European Union is discussing how best to reform the world of finance after the credit crunch and Britain has raised reservations about giving too much power to a mooted pan-EU regulator that could have a fiscal impact on individual nations.

"London operates in a global market place as well as in Europe," said Lord Woolmer, who chaired the House of Lords European Union Committee for its inquiry.

"Many other EU member states do not share this perspective. The UK government must ensure these national interests are properly reflected in new regulations or in structural reforms."

European ministers made slim progress on key parts of regulatory proposals for more co-ordinated supervision of the financial sector at a meeting last week. The debate now moves to an EU summit in Brussels this week.

"Getting things done right is now more important than getting things done fast," Lord Woolmer said.