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The City of London and the EU Treaty

The City of London, a small dynamic city within greater London, is the historic core of London and a major international business and financial centre. Its success is due in large part because Londoners have had local, effective, representative self-government for nine hundred years.

Today Global Vision reports -

As the leaders of the EU Member States prepare to sign the 'Reform' Treaty on Thursday, a new paper for by economist David Lascelles expresses the fears and concerns many in the City of London have over this new deal. Containing a host of new powers that will erode the UK’s ability to fight for the City’s unique interests, the author concludes that the 'Reform' Treaty “will severely weaken the UK’s ability to obtain consideration of the City’s special needs”. . .

The combination of London’s massive success outside the eurozone, the general mistrust felt in Europe against Anglo-Saxon capitalism, and Sarkozy’s movements against free trade all build a picture which undermines confidence in the EU’s ability to understand the exceptional needs of the City.

Lascelles argues that it would be ideal if the City could look forward to “a future in which the heavy hand of Brussels was lifted”, but the reality is more likely to be poor quality, lowest common denominator regulation. He believes that, “The interests of institutions like the City will do far better under national control than under some massive politico-bureaucratic mechanism serving 26 other countries as well.”

Incredible that Europe could still be talking about Anglo-Saxons. As we observed in our file on Adam Smith, "Adam Smith would never have reduced an economy to the inadequate and banal noun capitalism. He was interested in the economies that free men and women create with their ideas, hard work, team work, and capital." That is something that the stuffy bureaucrats of the Europe Union just don't get.

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