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Lord Turner issues warning to the European Union

Lord Turner, the chairman of the Financial Services Authority (FSA), has today issued his most direct warning yet to the European Union in relation to meddling within UK financial markets. He believes it is "vitally important" that the European financial supervisors did not intervene directly in the running of the UK financial markets or indeed the financial markets of any European countries. This is an issue which has been ongoing for some time now with the European Union more aggressive in its approach to the London markets because of the massive power London has in the worldwide financial arena.

There's no doubt that the European Union is looking to harness the power of London and use this for the "better" of the European Union although ultimately this will impact upon London which has everything to lose and nothing to gain. The coalition government is currently fighting against further European intervention although with the likes of Germany and France "ganging up" on the UK, this will certainly be a tough battle. However, there are literally millions of jobs at risk in the UK for those directly associated or indirectly associated with the financial arena. There are also billions upon billions of pounds of tax receipts at risk for the UK government which has made the situation even more vital.

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