The UK's financial services industry employs 1.9 million people, accounts for 10% of our GDP, produces 11% of our country's tax revenues and produces a £35.1 billion trade surplus1. Its success is vital to the UK and our ability to pay for public services. But in order to remain a success the balance of regulation must be right. The industry could be harmed by ill thought out EU (or other) regulation. The UK must guard its interest and its ability to ensure it can make its own decisions and not be forced to adopt lower standards.

The UK financial services industry accounts for over 35% of the EU whole. Yet despite having a leading role and unparalleled experience the UK does not have a leading role in EU financial regulation. Due to the eurozone crisis, the new EU financial supervisory infrastructure and the EU voting system, the UK will find it harder and harder to block harmful regulation or when needed put in place her own higher standards.

The Fresh Start Project will look at how best to rebalance the relationship between the UK and the EU in order to safeguard this vital UK industry. The City of London has to compete in a global financial services market with Singapore and New York as well as Frankfurt and Paris. The UK can ill afford to allow the City of London and its associated tax revenues being forced out of the EU by ill thought out EU regulations.

1 http://www.thecityuk.com/assets/Reports/Economic-Trends-Series/Key-facts-about-UK-FS.pdf


Financial Services Chapter (26 Mar 2012)

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Open Europe Report (08 Dec 2011)

Continental Shift: Safeguarding the UK's financial trade in a changing Europe

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The minutes of APPG for European Reform meeting on Financial Regulation can be read here.

Supporting Documents:

- The slides used in the meeting can be read here

The minutes of the Fresh Start Group meeting on Financial Regulation can be read here.