Veto 'will not save UK banks from regulation'

13 December 2011

Banks based in the UK will not escape increased levels of regulation just because David Cameron has vetoed changes to the European Union (EU) treaty.

That is according to Olli Rehn, economics commissioner at the EU, who has insisted financiers and professionals in the banking industry operating in Britain will be subject to the same rules as their counterparts on the continent.

The official today (12 December) announced the implementation of a range of new measures designed to tighten regulation on lenders and insisted these will apply to Britian.

"If this move was intended to prevent bankers and financial corporations in the City of London from being regulated, that is not going to happen," he noted.

Mr Rehn - a former member of the European Parliament - spoke of his "regret" that the UK had decided to opt out of this fresh "fiscal compact" as he believes it is important for the nation to be at the "centre of Europe, not on the sidelines".

By Claire Archer

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development