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Gordon Brown wins reprieve for UK financial sector

The possible threat of EU regulatory powers extending over and above the UK government has been killed this evening, at least in the short term. Gordon Brown has made clear at a European Commission summit today that while he is in favour of a European wide regulator to regulate the financial markets he does not believe such an authority should be able to impinge upon local member state policies and strategies. Thankfully it looks as though he has won the day, at least in the short term.

The London financial market has more to lose than any other European market, having made a successful niche for itself over the last hundred years. There were severe concerns that EU regulators were looking to take control of London and reduce its impact on the worldwide stage by increasing the overall European presence. Even though we will see the creation of a European wide financial regulator, at this moment in time its powers will be severely restricted with no rights or obligations to force local member governments to instigate bailouts or any other financial assistance.

In the eyes of many, the battle has been won but the war is far from over.

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