Select Committee on European Union Minutes of Evidence

Examination of Witness (Questions 520 - 525)



  520. Much of this is the trust and confidence to use it.

  A. Yes, indeed.

  521. Do you think that regulations play a part in that trust or that benchmarking, or would having some sort of tag on it make somebody like me in a micro business at home feel more confident using it?

  A. I think that the Government regulation is a fall back position. In fact under the new trust scheme reserve powers will be held to see if it does not work. If it does work then non-governmental intervention is by far the most favourable.

  522. It is really self-regulation.

  A. It is indeed, yes. If it does not operate then the Government will step in.

  523. Do you think in practical terms self-regulation will come about and, secondly, do you think Europe or America may be further forward in that? Do you think that one can go without the other? Who is going to link all this together because it is worldwide global?

  A. When we talk about the global economy we do have local taxation requirements, we do have local customs and practices to take into account, just the way that people have authorisation to trade over the Internet, for example. This is just one simple matter, these are not really regulatory matters, these are cultural matters and are, perhaps, the biggest stumbling block to a real worldwide global communication environment free business.


  524. Thank you very much, indeed. You have been very good and you have indirectly responded to the four bullet points you put to us in advance. We have been asking you to run out a whole host of statistics—

  A. Yes.

  525.—and perhaps it is a little bit unfair to ask you to keep those in your head. You did mention that on the business-to-business statistics you could sort them out and send them on to us afterwards.

  A. I would be delighted to, my Lord.

  Chairman: Thank you very much indeed.

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