Boris Johnson steps forward to support the city
Boris Johnson has today entered the fray after arranging a number of meetings with EU MEPs regarding the changing regulatory situation for the financial services sector. He has been in Brussels fighting on behalf of hedge funds and private equity companies in the UK who are set to be hit hardest by the ever-growing raft of EU regulations regarding the UK, and European, financial sector.
Despite the fact that his appearance in Brussels has been ridiculed by many Labour MEPs, claiming that the Conservative MEPs have no influence in Europe, this looks like being the beginning of an ever widening gap between the Labour Party and the Conservative Party. Traditionally the Conservative Party has been one which has been favourable to the financial industry although it has to be said that Gordon Brown, particularly as Chancellor of Exchequer, was more than helpful to the city.
While support in Brussels is fairly thin on the ground for Boris Johnson, there are a number of US counterparts who believe that the EU directives aimed at the financial sector go too far and will literally kill off any growth in this sector. It is easy to blame the sector for the recession in the short-term but ultimately the worldwide financial sector is a very prominent area of the worldwide economy. If growth was to be curtailed in the medium to longer term this would have serious implications for the overall growth in the worldwide economy.
Share this..
Related stories
Can Inflation Really Get Any Worse?
News that inflation in the UK jumped sharply last month has prompted a wave of fear and concern amongst many of the population but some are finding it difficult to understand how it can rise any further and the long term implications. Can it really get any worse?
The immediate threat is that inflation will rise to in excess of 5% later this year before falling back next year. Howe...
Has Google become too powerful?
Rupert Murdoch today indicated that he is seriously considering withdrawing his news content from Google's search index as the search engine giant seemingly becomes too powerful and too influential in the world of news, content and media. Whether or not Rupert Murdoch decides to go through with his plan remains to be seen but at this moment in time it would appear to be the start of a major backla...
Read MoreMajor shareholder buys more shares in National Express
National Express, the troubled UK transport company, has today confirmed that major shareholder the Cosmen family has increased its stake in the business after the investment of a further £5.8 million into National Express shares. This brings the family shareholding to 20% as we await confirmation of future refinancing plans from the group. It is known that the Cosmen family disagree with the...
Read MoreGilts market unmoved by Bank of England MPC
The gilts market was unmoved after the Bank of England's decision to suspend the quantitative easing program was confirmed today. In reality the closure of the quantitative easing program, at least in the short term, was well flagged and very much expected by analysts and investors. However, the minimal movement in the gilts market would appear to indicate investors are now happy that the UK gover...
Read MoreShould the government support the Lloyds bank rights issue?
Today's revelation that Lloyds bank will be asking investors for around £5 billion, much less than the rumoured £10 billion only a few days ago, has put the UK government in a very difficult situation. The government currently holds around 43% of the issued share capital of Lloyds bank, on behalf of UK taxpayers, and its support of the fundraising is essential for it to stand any chance of succe...
Read More