EU jealousy of the City of London will drive new legislation

May 28, 2009


One of the most serious issues (for Britain in particular) facing the newly elected European Parliament will be the regulation of the financial-services sector. Here, continental jealousy of the City of London will be reflected in support for the report by Jacques de Larosière, leading to proposals for an EU-wide system of supervision – and an undoubted diminution of our sovereignty over the City of London!

The UK Government has already signalled that it is unhappy with much of the plan. Not just because of the effect on British banking and the City of London, but also the idea that the European Central Bank would chair the risk council in Frankfurt…which would effectively make Frankfurt the financial centre of Europe!

Whatever Europe decides it will not be in Britain’s best interests…but we should be bloody used to that by now.

My advice? Use your vote for the EU elections wisely.

See more HERE. And HERE. And HERE.

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