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Bill Cash MP condemns Gordon Brown for “creating circumstances which would lead to the betrayal of the United Kingdom and the City of London”

Press release 19/06/09

 

Responding to the Prime Minster’s claims at the EU Summit that “Stronger cross-border supervision is in our interests,” Bill Cash MP condemns Gordon Brown for “creating circumstances which would lead to the betrayal of the United Kingdom and the City of London”.

 
For many years, Bill Cash had been warning of a prospective European Union takeover of the legal jurisdiction over financial services and banking arrangements. In two letters to the Financial Times, on 27th February and 7th April 2009, Mr. Cash had been warning of the City of London and United Kingdom takeover.
 
Cash has stated that “United Kingdom financial services and banking arrangements, however much they need reform, must not be run on lines dictated by the interests of other countries rather than our own national interests. This policy must be resisted.”
 
Mr. Cash has consistently insisted – despite the responses of Gordon Brown and Alistair Darling – that it is essential to maintain national control over financial services and banking arrangements.
 
Mr. Cash said “The imposition of this EU framework, devised by the unelected European Commission, then agreed by the Council of Ministers by majority vote and then adjudicated by the European Court of Justice should not be imposed upon the UK against our own national interests.”
 
“This will be severely damaging to the economy of the United Kingdom and to City of London. Irrespective of the views of Gordon Brown, Peter Mandelson, Ken Clarke and Manuel Barroso, it is essential that the City and financial services remain firmly within the jurisdiction of the United Kingdom Parliament.
 
“I repudiate the idea of a European legal coordination and framework for the supervision of financial services and banking. Whilst cooperation is feasible, legal coordination is certainly not. I have written to David Cameron expressing my grave concern about the situation.”
 
On 23 March, Gordon Brown failed to reply to Mr. Cash’s specific question on this matter but merely referred in general to national supervision – not to Cash’s question about ultimate legal jurisdiction, which is what matters.

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