View more on these topics

Osborne blasts EU for imposing ‘directive after directive’ on firms

George-Osborne-20-Mar-Budget-2013-480.jpg

Chancellor George Osborne has hit out at EU financial regulation, saying it has imposed “directive after directive” on UK firms, “crippling” their ability to compete.

Speaking in the House of Commons yesterday, Osborne said the UK needs to achieve “real change” and create a more flexible and competitive EU.

In the last year the EU has proposed directives to regulate the mortgage market, bank capital rules, the transparency of financial products and bankers’ bonuses.

He said: “There are concerns from business that directive after directive, regulation after regulation load costs on European companies, especially small firms, and cripple their ability to compete against new challengers around the world.

“The crisis in the eurozone has created an immediate institutional challenge for the UK: as 17 member states attempt to take steps to save their monetary union, how can we change the EU to protect our interests and make it work for us?”

Earlier today, Conservative MP James Wharton revealed he will bring forward an EU referendum bill on 5 July that will be supported by a three line Tory whip.

The bill will enshrine in law a 2017 referendum on whether the UK should remain in the EU, as promised by prime minister David Cameron in January.

Labour and the Liberal Democrats have indicated it will not be party policy to vote with Conservatives meaning the bill is unlikely to pass.

Last night, MP John Baron also proposed an amendment to the Queen’s speech that “expressed regret” an EU referendum was not included in the Government’s legislative agenda for the next year.

He said promises of a referendum would not be believed by the British public unless it was enshrined in law and was supported by 115 Conservative MPs.

Recommended

PIMS: Half a million people on advised platforms have seen no portfolio changes

The Platforum says around half a million people with assets on advised platforms have not had any changes to their accounts in the last three years. Speaking at the PIMS conference onboard the Aurora today, The Platforum managing director Holly Mackay said there are around 3.8 million people with advised platforms and over 10 per cent […]

Bradbury Hamilton buys two adviser client banks

IFA firm Bradbury Hamilton has bought the client banks of two adviser firms and says it is on the lookout for more acquisitions. The first acquisition is Ford Reynolds and Associates, which has 300 clients and £25m worth of funds under influence. The London-based firm is led by Harry Ford and founded in 1998. The […]

What do you think of corporate platforms?

Workplace savings continues to be a hot topic as auto-enrolment attempts to address apathy and a widespread lack of provision. Many believe technology is the way forward, not only in terms of complying but also as a means of engaging, informing and educating employees in a cost effective way – bring on corporate platforms. Each […]

Brokers dismiss ‘toothless’ payday lender supervisory body

Brokers have slammed the new independent supervisory body for payday lenders as “toothless” as it has no power to revoke firms’ consumer credit licences. The Consumer Finance Association has established an independent body, the Short-term Lending Compliance Board, to oversee payday lenders. It has appointed former Banking Code Standards Board chief executive Seymour Fortescue as […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment