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EU bid to rule UK banks

Tuesday, 11th May 2010

British plans to improve the banking industry in the aftermath of the financial crisis could be in tatters as EU bureaucrats attempt to take charge over all banks operating in the UK.

The European Parliament's Economic Affairs Committee has put forward proposals to set up a European Super-Regulator to control the activities of banks across the EU.

A statement released by the EU says that UK regulator (the FSA) or the Bank of England would 'act as agents of the EU authority ' meaning that the EU would set the rules and expect the FSA or Bank of England to merely enforce them.

UKIP's Party Chairman, Paul Nuttall MEP said: "Love it or loathe it, the banking industry is Britain's biggest export, and is envied the world over.

"Now the EU wants to hijack it.

"If we let that happen, we will not have a single industry left in this country, that we control ourselves.

"No other EU country has a comparable banking industry, they are the last people that should be controlling it.

"We need to get out of the EU right now if we don't want to see our flagship industry fall into the hands EU bureaucrats who have stood by as Greece bankrupts itself and the value of the Euro fell through the floor.

"What will the three old parties do about it? Nothing!"

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