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THE TIMES - Letters 27.2.09
Euro plan will harm UK interests
England's financial interests cannot be run on lines dictated by the
interests of other countries

Sir, The European Commission report proposing a European supervisory
scheme for banks and financial bodies is potentially disastrous for
the United Kingdom and the City of London in particular (report, Feb
26). It is clear that any such regulation at European level will be
subject to majority voting. This will inevitably mean that the United
Kingdom financial services and banking arrangements would be run on
lines dictated by the interests of other countries rather than our
own national interests and must be resisted.

A recent report by Keith Boyfield has already indicated that the
effect of the existing EU Financial Services Action Plan (FSAP) on
the City may amount to as much as £23.5 billion. This whole issue
requires a national debate and the strongest possible resistance. The
Conservative Party policy on this subject, as a future party of
government, must be resolved in favour of insisting upon the
supremacy of Westminster legislation overriding such European
lawmaking. Unless this is made crystal clear, such EU regulation
devised by the unelected European Commission, then agreed by the
Council of Ministers by majority vote and then adjudicated by the
European Court of Justice can and will be imposed upon the UK against
our own national interests.

We may not be able to prevent the Government damaging the City of
London and the United Kingdom in this way but we can make clear that
we will not allow the damage to continue.

Bill Cash, MP
House of Commons, London SW1