Monday, 15 June 2009

EU takes over the City of London

The most immediate threat the EU poses to the UK is its proposed EU super financial regulator controlling the City but reporting to the EU commission. There will be three EU sub-regulators, a banking regulator based in London, an insurance regulator based in Frankfurt and a securities regulator based in Paris but the supreme regulator will be based in Brussels and will be able to over ride the decisions made in London, Frankfurt and Paris. The Lisbon Treaty is more dangerous in the long run but the super regulator is a clear and present danger to the wealth generated for hundreds of years by the City of London.

It has been a long term EU aim to wrest this lucrative business from the UK and locate it in the new Franco-Prussian empire called the EU. I have written previously about this danger but our MPs and MEPs are too obsessed with their personal financial interests to bother about mortal danger to our countries' economy.

The UK government has of course stuck its head in the sand and refuses to see the danger. Paul Myners, he who got shafted by Sir Fred the Shred of RBS over his pension pot is the man in charge so we know what to expect . AEP wrote a good piece in the Telegraph on this advocating the UK adopt the de Gaulle empty chair nuclear option to stop the EU robbing us. But Gord is no de Gaulle. De Gaulle always put his country first and gave up power to retreat to Colombey des deux Eglises for a number of years. Would that Gord would retreat to Dunfunkle kirk.

As AEP says either the UK controls the City or the EU does. The ironic thing is if, as I expect, the EU wins then the main beneficiaries will be the gnomes of Zurich and other tax havens not the EU. Its crunch time for the City but our PM as with all politicians is obsessed with hanging on to power and who cares about the UK. Even the Queen has more important matters to attend to - its Ascot week! Any tips for tomorrow's Coventry Stakes your Majesty?

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