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European Financial Services Proposals

Part of Oral Answers to Questions — Foreign and Commonwealth Office – in the House of Commons at 4:49 pm on 1st December 2009.

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Photo of Bill Cash Bill Cash Conservative, Stone 4:49 pm, 1st December 2009

My hon. Friend knows that I have the gravest concerns about all this. Does he appreciate that although the trade associations-I mentioned the Association of British Insurers, the British Bankers Association and the Investment Management Association -have effectively endorsed the idea of this supranational authority, there is also a political dimension, because whereas they may have a multinational view about these matters in the global context, in terms of the City of London a political judgment has to be struck? That is why I personally take the view that we ought to resist this all the way down the line. As my hon. Friend Mr. Field said, people in the trade associations take a globalised view based on multinationalism, whereas when one deals with people in individual firms on the ground, one finds that they frequently take a very different view. Does my hon. Friend have any comment to make on that?

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