Besides everything else, our bankers are confused

Telegraph photo: David Sands and his papers

It happens over and over: some important person goes to Number Ten clutching his notes in full view of the waiting press-men.  Now it’s happened again.  The hapless victim this time was David Sands, CEO of Standard Chartered.  And we can read his two key concerns. 

First, he fears for the City if Britain leaves the EU (which looks increasingly likely).  And second, he’s worried about the remuneration proposals in CRD4 — an EU Directive.  The same article reports the concerns of the PM and the banking industry about the EU’s proposal for a banking union, which could have huge negative consequences for the City.

Surely Mr. Sands can see the irony?  On the one hand, his biggest fear is that the UK leaves the EU.  But his other key concerns are EU plans and directives.  Sorry, Mr. Sands, but you can’t have it both ways.  Pace William Hague, you can’t be “In Europe but not run by Europe”.  So you have to make a difficult choice.  Either stay in and put up with the lunatic regulation.  Or get out, and set the City free.

We in UKIP are clear.  The cost of EU membership and EU regulation hugely outweighs any benefits which we — or the City — get from membership.  That’s why we think we’d be Better Off Out.

And why should you trust UKIP’s views on the City?  Well it’s worth recalling that UKIP’s leader Nigel Farage spent twenty years working in the City.  He knows which side its bread is buttered.

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One Response to Besides everything else, our bankers are confused

  1. Thank you – very revealing. I looked up CRD4 and it is all the usual stuff about tightening up Banks in some detail. It will, of course, being a Directive, go straight past parliament without discussion although it could well affect the City.

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