But he has said that it is "unacceptable in a time of difficulty when people at the top of our society are not showing signs of responsibility" and said the government was consulting on measures to "make sure we get transparency in terms of boardroom pay, proper accountability and more power for shareholders".

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Caroline Lucas, Green MP for Brighton Pavilion, said the errors were completely unacceptable in a time of economic difficulty.

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"A little more effort by member states to control projects properly and retrieve misused funds could go a long way, particularly in this time of economic difficulty, " said the EU's Audit Commissioner Algirdas Semeta.

BBC: EU criticised for wasting funds

In this story, he came to office in a time of unprecedented economic difficulty, one of a sort not seen before, at least since the Great Depression.

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In the wake of the flood of Dodd Frank rules, regulators have had difficulty in issuing on time the meaningful rules required by the act.

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Next year is likely to be a time of ongoing financial difficulty as the world seeks to steady the current crisis of confidence in the banking and credit sector.

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Unfortunately, this rise in price comes at a time when business travel costs are still being scrutinised following years of global economic difficulty.

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Time and again we've been reminded of the difficulty of building a nation in which we're all free to live and love as we see fit.

WHITEHOUSE: President Obama Commemorates Enactment of Hate Crimes Prevention Act | The White House