LIBERAL GROUP ELECTS HUHNE AS SPOKESMAN

11.50.20am UTC (GMT +0000) Thu 22nd Jul 2004

Hampshire MEP Chris Huhne has been elected as the economic spokesman of the enlarged Liberal and Democratic group in the European Parliament.

Mr Huhne will be the only British economic spokesman for any major group. The importance that the British Liberal Democrats continue to attach to the committee that determines EU financial services legislation contrasts with recent decisions by both Labour and Conservative MEPs.

The Labour MEPs failed to take up their full quota of two places on the Economic and Monetary Affairs committee, leaving them with just one representative. In the last parliament, there were three Labour MEPs on the committee.

The Conservatives, whose allocation of EMAC members was also cut from three to two due to losses to UKIP, then demoted their former lead spokesperson, Theresa Villiers MEP, who is no longer a full member of EMAC.

By contrast, the British Liberal Democrats reinforced their representation on EMAC with Baroness Sarah Ludford MEP, who sits for London, joining as a substitute member.

Mr Huhne said that the expanded size of the new Alliance of Liberals and Democrats for Europe (ALDE) would make the group an even more pivotal part of the liberalising coalition that amended so many Commission proposals in the last parliament.

Future legislation coming to the committee will include the review of banks' capital requirements following agreement at Basel, various single market measures in the field of insurance, and possibly measures to promote easier trans-national clearing and settlement of share and bond sales.

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