November 2, 2010

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Cameron "betrayed" City of London - UKIP  

Wednesday, 27 October 2010 15:15

Marta AndreasenBRITISH Prime Minister David Cameron has betrayed the City of London by agreeing to EU proposals to impose stricter rules governing hedge funds and private equity groups, says UKIP/EFD MEP Marta Andreasen. (Tuesday, 26th October 2010)
Ms Andreasen, a member of the EU Economic and Monetary Affairs Committee, said: "The City of London is already adequately regulated in London. This directive, along with Conservative supported EU regulatory authorities grabs regulatory control from the City of London and gives it to EU institutions."

"An example of this is the new powers given to the European security and markets authority (ESMA).

"The EU has lost sight of the big picture - this financial crisis was caused by the banks and made worse by an inappropriate Euro currency. Hedge funds were not to blame."

She added: "The bottom line is that this directive will not prevent or slow down a future financial crisis. What it will do is be another nail in the coffin of the City of London. It's hard to believe it was supported by the UK Conservative government."
Read the full article from The Parliament magazine here :