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Has Alistair Darling sold out to the EU?

There are serious concerns today the Alistair Darling has sold out to the EU with news that three new regulators will be created primarily to monitor and regulate the UK financial markets. They will be charged with monitoring the banking sector, insurance sector and all investment firms within Europe although London is by far and away the main focus of this increase in regulation.

Despite Alistair Darling attempting to fight back yesterday, the revelation that he has actually agreed to at least three new regulators, despite the fact that the UK government already has the Financial Services Authority (FSA) in existence, is a body blow to the City of London. It seems inconceivable that the EU could be handed the power to ruin UK financial markets, markets which are a massive part of the UK economy and will be for some time to come. So what next?

To all intents and purposes the UK government has already sold out with the Lisbon Treaty, which agreed to closer co-operation between EU members on an array of different subjects, and the signing of the new regulatory program is just the icing on the cake. Why have the UK government sold out?

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