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European Commission

Well, I am certainly not going to stand here and argue that there is no case for revising systems of regulation and supervision, but it seems vital that the United Kingdom, whatever party is in government, stand up firmly for the principle that light regulation is what tends to breed successful financial service industries. What has benefited the City of London has been the ability to innovate in an on the whole successful system of self-regulation since the days of the big bang. If the European Union, no doubt for well-intended reasons, goes down a path of ever-tighter regulation and stricter government—or supranational government—supervision, the people who will cheer are those who want to establish financial centres in Switzerland or anywhere else outside EU boundaries.