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EU passes new City regulation: UK abstains

Tuesday, 21st February 2012

George Osborne’s Treasury Team again failed to defend British interests, in Brussels today, by abstaining in a vote on key financial legislation, when the EU’s Economic and Financial Affairs Council passed its new regulation on short-selling and credit-default-swaps.

“The City of London's professionals will wake up tomorrow facing yet another new EU-Regulation, which immediately impacts their business, increases their cost-base and threatens jobs,” declared UKIP's City spokesman, and lead London-Assembly candidate, Steven Woolfe.

“The EU-Council has approved new rules, for controlling short-selling and trading in the EU's sovereign debt, and for handing complete power, in these areas,  to the EU's new super-regulator, the 'European Stability-Mechanism-Authority' (ESMA)", Woolfe continued, "once again eroding the ability of the British Financial Services Authority (FSA) to regulate the City of London effectively.

"The new Regulation will increase compliance-costs, remove more of our ability to protect pension-investments, when EU-countries are over-indebted, and reduce the ultimate pension-pots of savers.

"The Conservatives and Liberal Democrats are being economical with the truth when they shout about wanting to protect jobs-in-financial-services!"

Woolfe concluded: "How can they do this, when they abstain in vital votes, on important rules, affecting our biggest industry, and thereby allow a supranational regulator to direct British business?”

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