January 6, 2011
This is from UK Chancellor George Osborne in today’s FT:
The goal of a stronger banking system is so important that we must not allow unnecessary distractions in other areas to get in the way of agreement…Nor should we allow badly thought through regulation needlessly to undermine European competitiveness in financial services. Talk of competition between London, Paris and Frankfurt misses the point. It is the relative competitiveness of Europe, with London as its major financial hub, against other centres in Asia and America that is the real issue. No one should doubt that Britain is determined to remain a global financial centre serving Europe and the world.
And this is from a feature in FAZ (not online), looking at London as Europe’s key financial centre:
the City of London has lost support from the British Government. Banks must fear overregulation from Brussels, particularly political decisions and a lack of skilled regulators in the EU’s new financial supervisors. That more than 1000 hedge fund managers have left the UK for Switzerland, is bearable, but that big institutions such as HSBC, Standard Chartered and Barclays are threatening to leave the City if future regulations harm them, is a big hit.
Not quite the same take on the issue…Author : Open Europe blog team