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Labour peer says European banking union poses threat to UK

A Labour peer responsible for scrutinising European finance proposals believes the move towards a eurozone banking union threat-ens to marginalise the UK’s position within Europe.

Heads of state committed to a banking union in June 2012 to centralise banking supervision across the eurozone. It aims to create a centralised body with the power to decide how to wind up failing banks and a single “resolution fund” to pay for bailouts.

Speaking at the Wealth Management Association annual conference in London last week, Lord Lyndon Harrison set out his concerns that the move to centralise power to Brussels could damage the UK’s voice within the EU.

Lord Harrison, who also chairs the EU subcommittee on economic and financial affairs, said: “We have repeatedly expressed our concerns that there is a potential for marginalisation of the UK as the eurozone area takes steps for greater integration.”

The Labour peer added: “We have urged the Government to do everything necessary to ensure that London’s position is not imperilled by the European banking union and that we retain our influential voice in the European financial sector.”

Philip J Milton & Company managing director Philip Milton says: “I do not think London will be marginalised because the City, and the UK, are too important to let that happen.

“The idea of a European banking union is a bit naive, and while it sounds attractive, it is simply not practical.”

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