Lords to debate EU Capital Markets Union

In its report, entitled, Capital Markets Union: a welcome start, the House of Lords EU Financial Affairs Sub-Committee called for the UK to be at the forefront of an EU Capital Markets Union, which could lead to growth and jobs in Europe.

Lord Harrison, the Chairman of the Committee at the time of the report's publication, will open the debate.

Ahead of tomorrow's debate he said:

“Our report supported the concept of a Capital Markets Union, noting how timely and important the initiative was in unlocking much needed sources of capital. But we also issued a note of caution – caution in how the Commission's proposals were rolled out, and caution that protection of investors' money should be central to its safeguards.

Nearly one year on, I note that progress has been made but more political capital needs to be invested in some of the longer term issues such as insolvency and tax. These are difficult issues that could hold back true cross-border trade and investment. 

We are at the early stages on the path to accomplishing a fully working Capital Markets Union, but I hope the debate tomorrow will be a useful reminder of what it has the potential to achieve.”

Members due to speak include:

• Baroness Bowles of Berkhamsted
• The Earl of Caithness
• Lord Davies of Oldham
• Lord Dykes
• Baroness Falkner of Margravine
• Lord Flight

The Earl of Courtown will reply on behalf of the Government.