European Affairs

I hope I do not disappoint the hon. Gentleman if I say that the Government also believe that whereas the old debate was about having more or less regulation, the debate we should have is about the details of the regulation that is needed. We think it is right, for example, to look at how to improve the regulation of the so-called hedge funds that the hon. Gentleman mentioned, but the details must be got right, and we are at a preliminary stage of discussions about hedge funds. Many detailed arguments, for example about funds coming from outside the European Union, need properly to be taken into account in the development of any detailed regulatory proposals. That has not yet happened, so that is what we will try to ensure over the rest of this year.