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British authorities are set to lose control over banks in the country under the terms of the proposed new European banking union, it has emerged.
Provisions in the proposals being tabled at the European Commission today (12 September) include the power for continental regulators to force financiers in the City of London to close or accept taxpayer-funded bailouts, the Daily Telegraph reports.
Decisions made by the newly-formed committee of European policymakers would be fully binding by European Union law, meaning authorities in the UK would have no choice but to accept them.
This reform would lead to the European Banking Authority - which is based in London - being granted increased levels of control, including decisions concerning the UK's financial system.
Bill Cash, chairman of the House of Commons European scrutiny committee, told the news source it is "imperative" that this idea is vetoed in a vote in British parliament.
By Gary Cooper
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