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London financial markets under attack from the EU

A French official this evening "let the cat out of the bag" with regards to EU plans for financial regulation throughout Europe. London has for some time been one of the major financial centres of the world although apparently the EU regulators are looking to complete a "pincer movement" which should see power transferred from London to Brussels. So what exactly is going on?

The French official suggested that as the Obama government looks to increase regulatory control of its own financial markets and European regulators are looking towards a similar path, London is caught between a rock and hard place. If London moves towards an American-style regulatory system it will effectively be banished from the European financial scene and if the UK decides to whole heartily join the European financial sector it will need to abide by EU financial regulations.

Despite the fact that the UK government has for many years rejected claims that EU regulations would at some stage takeover the London financial markets this appears to be on the cards. More worrying is the fact that many believe the Brussels regulatory train has already left the station and Gordon Brown will find it very difficult, if not possible, to stop the ever growing power of Brussels.

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