City of London fighting for UK to stay in EU: the Swiss media perspective

An article in the Neue Zürcher Zeitung provides a Swiss perspective on the City of London’s position regarding the EU:

“The City of London wants to remain part of the EU, even if the EU doesn’t manage to implement reforms. The Financial Centre is thus diametrically opposed to the governing Conservatives”.

The article quotes Mark Boleat “chief lobbyist for the City of London” and vice-president of the City UK saying “Great Britain must be an EU member, full stop, end of story”.

“London is the financial centre of Europe. It seems unreasonable that the rules for this financial centre should be adopted exclusively by the British government, without taking the rest of Europe into consideration.”

“…the City has made clear to the [UK] government, that it has no significant wishes for power to be devolved from Brussels to London.”

With one exception:

“[Boleat] could not name a single regulation [where power should be devolved to London], with the exception of the new ceiling for bonuses, which is wrong because it is completely unworkable.”

After noting a speech in which David Cameron calls for a 2017 referendum on the UK’s EU membership, the article closes with:

“One is almost tempted to conclude that the City wants a Labour election victory for May 2015.”

The full article in German is here, translations for extracts above with help from google.


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