Friday, September 10, 2010

Malta and Latvia now outvote the UK on City regulation!

Even the Conservative Party House Journal the Daily Telegraph is today beginning to twig the extent of Britain's humiliation agreed by George Osborne last tuesday with an article headlined with the following question:

Why do Malta and Latvia have more say on the City than the UK?

The link is here, but you will not find a link to the interview by AE-P as recommended so try the one here. Those wanting the essence will find it in the following:

Britain can resort to an emergency brake if its interests are seriously threatened, but any appeal can still be overruled by EU finance ministers. It then goes to the level of EU prime ministers and ultimately the European Court (ECJ). "It is a very flimsy safeguard because it can only be used in extremis," said David Heathcoat-Amory, a former Tory Europe Minister.

Mr Heathcoat-Amory said Britain's loss of control over the City appeared irreversible since the Government has decided to acquiesce in a Labour fait accompli rather than become entangled in fight over Europe. "This is what the EU calls an "occupied field': it never relinquishes territory taken," he said.



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