Lord Hill must deliver lasting reforms to stimulate growth and jobs

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Labour MEPs have set three key targets for Lord Hill, Britain's nominee for the European Commission, who was grilled by MEPs today.

The commissioner-designate for financial services must ensure legislation passed in the last mandate is implemented, without being watered down; finalise banking reform to regulate 'shadow banking' and improve access to finance for SMEs; and be a pragmatic voice in the debate on Europe, making sure the reforms he oversees deliver the best outcome for the people of the UK.

Anneliese Dodds MEP, Labour MEP for South East England and member of the economic and monetary affairs committee, said:

"Lord Hill has a huge and vitally important task ahead of him. We all know what happens if the financial sector isn't regulated properly. The effects are all around us: low growth, high unemployment, and businesses struggling to get on as we all try to recover from the impact of the financial crisis. He needs to maintain the high level of ambition of his predecessor for lasting reform that will make the financial sector safer and more stable, stimulating growth and jobs."

North West MEP Julie Ward said:

"Former North West MEP Arlene McCarthy played a key role in securing legislation for regulation and reform of the financial sector following the 2008 global economic crisis. It is vital that Arlene's work is continued. The British Commissioner will enjoy our support if this is the case."