PracticePeople In PracticeMoves to tighten regulation on financial markets held up by Irish row

Moves to tighten regulation on financial markets held up by Irish row

The government's Financial Services and Market Bill was thrown into chaos today as it lost a vital debating session because of a row over Irish representation in the House of Commons.

Government business managers had hopes the legislation to tighten the regulation of Britain’s financial markets and bring them all under a single Financial Services Authority would clear the House of Commons this week.

But angry Tory and Ulster Union MPs took a debate on the Disqualifications Bill – which would allow members of the Irish Republic parliament to sit at Westminster – all the way through the night, the first such marathon sitting since 1988.

Because the government refused to collapse the business and give the opposition an extra day or two days’ debate before the scheduled start of today’s programme, it was lost .

This meant there was no prime minister’s question on Mr Blair’s one thousandth day in power and that the first of the two days’ debate on the remaining stages of the Financial Services and Markets Bill was lost.

It will have to be rescheduled in the next couple of weeks.

The Tories accused Mr Blair of allowing the debate to run on so he could avoid facing opposition leader William Hague after an embarrassing string of disasters.

This was strongly denied by Government sources who claimed the Tories were ‘playing political football’ with a key part of the Irish peace process.

INVESTMENT – Don’t get caught by new rules

Related Articles

Is inefficiency stealing your time and money?

Accounting Firms Is inefficiency stealing your time and money?

6m Emma Smith, Managing Editor
CIMA elects new president

Institutes CIMA elects new president

6m Emma Smith, Managing Editor
Transparent currency trade: How to achieve costs visibility

Governance Transparent currency trade: How to achieve costs visibility

6m Emma Smith, Managing Editor
Introduction to KPMG UK’s new leadership team

Accounting Firms Introduction to KPMG UK’s new leadership team

6m Emma Smith, Managing Editor
EY appoints head of UK Infrastructure Asset Intelligence practice

Accounting Firms EY appoints head of UK Infrastructure Asset Intelligence practice

8m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
MHA MacIntyre Hudson advises on management buy-out

Accounting Firms MHA MacIntyre Hudson advises on management buy-out

10m Emma Smith, Managing Editor