Motion to Take Note

Part of European Banking Union: EUC Report – in the House of Lords at 6:10 pm on 24th January 2013.

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Photo of Lord Flight Lord Flight Conservative 6:10 pm, 24th January 2013

Could I just make this point to the noble Lord? The investment management industry, in which I spent 40 years of my career, has still failed to penetrate the EU. There are a variety of cultural and other barriers, but a lot of American firms came over thinking that Europe was like America and that all they had to do was have offices. If one looks at how much money the London retail funds business has got from the EU, it is still pitifully small.