UK finance firms back veto on EU financial rules

Citing better growth opportunities outside Europe

A poll of UK finance firms has found that more than two thirds support a veto on EU financial rules, even if it reduces access to the single market.

According to Open Europe - an independent think-tank calling for reform of the European Union - which published the new ComRes opinion poll this week, while the EU market is seen as offering benefits to the UK – “it is likely to offer limited new growth opportunities for UK financial sector firms, at a time when opportunities elsewhere in the world are on the rise.”

The poll found that 69 per cent of managers at UK finance firms supported a British veto on EU financial rules even if it reduces access to the single market.

Open Europe stated: “Five hundred financial services professionals were polled between November 28 and December 7, before last week’s EU summit where David Cameron vetoed an EU Treaty change after other leaders refused to insert safeguards on the single market and financial services.

“Financial services remain vital to the UK economy, accounting for a £35bn trade surplus and a £54bn tax contribution last year. However, Open Europe’s report notes that the EU market is likely to offer limited new growth opportunities for UK financial sector firms, at a time when opportunities elsewhere in the world are on the rise.”

 

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