04th December 2009
It was with an intellectual weariness that I read Alistair Darlings posturing in the Times last week. His ‘hands off our city’ comments will have little impact on a situation that he has caused. By agreeing to a British High Representative for Foreign Affairs they have let the French assume the role for regulating the Banking and Financial Sectors of this country.
What they have done is trade a position that was vital to the economic interests of the nation for a position that will have little power and even less standing.
The French have always looked on with envy at the financial muscle that London possesses, and have now been given the perfect opportunity to make it less competitive with over regulation.
The recent financial crisis has shown a need to properly regulate this area, but with so many jobs and the country’s wealth dependent on it, swamping it in red tape now could cripple the sector and prevent an economic recovery for Britain.
We warned that this might happen and now it has. We need to replace this Government with one prepared to take Europe on, to put a new minister on the Council of Ministers so that we can stop any legislation in this area and change ‘Hands off our City’ from simple rhetoric to outright action.
Ashley Fox MEP