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Nigel Farage: UK has lost control of financial regulation to Europe

UK Independence Party leader Nigel Farage has called for the UK to take back control of its financial services industry from Europe.

Addressing the Ukip annual conference in London last week, Farage said the UK needed to leave the European Union to stop the “shower of directives” coming out of Brussels.

He said: “Our laws have come from Brussels, and what laws, directives, what a list of instructions setting how this shall be done and how that shall be regulated. Process and compliance and inspection and regulation are taking over from production and leadership and enterprise.”

Farage said control of the financial service sector had been handed to the EU, and in particular to European commissioner for internal markets Michel Barnier, who is in charge of EU financial services policy.

Farage said: “I spent 20 years working in the financial services industry and it is Britain’s biggest industry. It is about 10 per cent of the UK economy but it is not all about the City of London, it is about Cardiff, Birmingham and Newcastle where all these different firms operate.

“And it is not all about banks, but insurers, reinsurers, stocks and shares, pensions, commodities and a whole range of industries in which Britain is a world leader.

“I am afraid it is now irrelevant to that industry whether we have the Conservatives, coalition or Labour governments because we have transferred management of Britain’s biggest industry to a very charming Frenchman who does not wish our industry well. We have surely got to take back control of our biggest industry.”

He added the UK Parliament had been “reduced to the level of a large council”, with up to 80 per cent of UK law emerging from Brussels.

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