Recovery depends on the City
SIR - The EU is using the financial situation to insist on additional regulation of banking, insurance and securities. They feel sure that a disgruntled public will back them on this. The consequences, however, could be catastrophic for the UK. Already,
SIR - The EU is using the financial situation to insist on additional regulation of banking, insurance and securities. They feel sure that a disgruntled public will back them on this.
The consequences, however, could be catastrophic for the UK. Already, the EU's new capital adequacy rules for the insurance industry, entitled Solvency 2, are predicted to cut the value of our private pensions by 20 per cent.
Now, they propose to create three new 'super-regulators' who will oversee financial services, reporting to a 'supreme regulator' in Brussels.
The recovery of the UK economy depends absolutely on our primary export earner - the unparalleled financial expertise in the City. Only by enabling it to rebuild itself, with lessons learned and some sensible additional regulation, will the UK be able to come out of recession.
You may also want to watch:
The EU is hell-bent on preventing it. The government is not defending our interests in any meaningful sense.
Only a flat refusal to participate in the new regulatory regime - and if necessary, withdrawal - will save us from this.
- 1 52-year-old man dies in three car crash between Bideford and Torrington
- 2 Police investigate midnight assault on scooter rider in Barnstaple
- 3 Coveted Muddy Stiletto award for Bideford's Josie's Interiors
- 4 North Devon Healthcare Trust department awarded Academic status
- 5 Northam Murder: Grieving family condemn killer's lies and cruelty
- 6 Man dies after crash involving two lorries and a motorbike near Torrington
- 7 Northam Murder: 'Merciless' carer gets life for killing client who caught him stealing
- 8 Man dies after 'single vehicle collision' on the A386
- 9 Barnstaple Fair set to return for 2021 - 'May the show go on!'
- 10 Woman reportedly assaulted at Bideford park - Police seek witnesses