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Ex-chancellor Lord Lawson: UK should leave EU to avoid financial services rules

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Former chancellor Lord Nigel Lawson has called for the UK to leave the European Union and dodge Brussels’ financial services legislation.

Writing in The Times today, Lord Lawson says the EU has served its historic purpose and the economic benefits of leaving would substantially outweigh the costs for the UK.

Prime minister David Cameron has promised an in/out referendum on the EU in 2017 if he is re-elected as prime minister at the next election.

Lord Lawson, who was chancellor from 1983 to 1989, says the UK would directly benefit from not paying £8bn annual membership fees and not having to comply with financial services regulation.

He writes: “After the recent banking meltdown, the EU is currently engaged in a frenzy of regulatory activism, of which the foolish and damaging financial transactions tax, imposed against strong UK opposition, is only one example.

“In part this is motivated by a jealous desire to cut London down to size, in part by well-intentioned ignorance.”

Currently a member of the parliamentary commission on banking standards, Lord Lawson says the Bank of England and Prudential Regulation Authority is becoming “increasingly frustrated” with EU rules.

Last week, PRA executive director Andrew Bailey blasted the “shocking” EU process for Solvency II claiming it has no regard for value for money.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Dong Corleone 7th May 2013 at 5:38 pm

    Cameron’s promises are worthless. The Conservative party said it would raise the IHT Nil Rate Band to £1m but then decided it couldn’t. It promised to sort out 25 years of destructive government meddling with the pensions framework but since coming to office has only made things even worse.

    Give us the EU referendum NOW Mr Cameron. Don’t try to bribe us with Vote me back in and we’ll get round to it in some time the next Parliament.

    If nothing else, we can be confident that the UKIP would, if it came to office, give us an EU referendum without further obfuscation or procrastination. The only reason the Conservatives are talking about it now is because they fear losing votes to UKIP.

  2. Jonathan Cooper 8th May 2013 at 10:04 am

    It’s very simple the Germans want the city to be based in Frankfurt. The politicians have all been sleep walking us slowly into that agenda, when that happens is it too late to stop and if you were a Chinese or USA bank why would you want to be based in London?

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