Whilst on his way to a Commonwealth summit in Perth, Australia the Prime Minister, David Cameron, said that the city was under ‘constant attack’ from EU regulations.
The Telegraph also reports that David Cameron has warned against the Eurozone nations getting together to undermine the EU’s free market rules.
As Nigel Farage has pointed out though, the Tories don’t come to the table with clean hands where supporting the city is concerned.
He said that Tory MEPs supported establishing the ESMA in Sept 2010, as well as the proposal for a directive on alternative investment fund managers (A7-0171/2010) in Nov 1020, 'A Proposal on EU Supervision of Financial Entities within a Financial Conglomerate'; the creation of an 'European Insurance and Occupational Pensions Authority' and a 'Proposal for Establishing a European Securities and Market Authorities'. All of which UKIP says strip away regulatory authority from the City and give it to Brussels.
Nigel Farage, UKIP Leader, said:
"David Cameron is a hypocrite. He is right to say that the City of London is under constant attack from EU directives, but he should check the voting records of his own MEPs before vowing to defend the City.”
"Under his leadership, his MEPs voted in favour of draft legislation which caused significant damage to the City of London. A financial transaction tax would devastate our financial sector and should be fought at all costs. However, the track record of the Conservatives in defending the City is shameful."
But let’s step back a moment. 17 separate states have joined together and it looks like the only way to save their Euro is for them to become one state. So that means that, at some stage in their development, the 17 become one political and economic entity as they separately lose sovereignty to the Eurozone.
The separate countries then start to operate as one state within the EU and abroad.
They will then become the elephant in the 27 member state EU. But will they and should they?
If the Eurozone gains sufficient sovereignty to be classed as a single state, then the 17 will then no longer qualify for EU membership in their own right as states. But the Eurozone as an entity is not a member so would have to apply to join, even if it is a rubber stamp job. And remember, those separate states signed treaties, the Eurozone has not. So the whole thing could be up for renegotiation.
That would then mean in reality that there would only be eleven states involved in the EU, not 27. The repercussions of which are that, under the concept of ‘degressive proportionality’ the Eurozone would have a reduced number of MEPs and it would only be eligible to send one prime minister or finance minister to EU meetings to vote. It would clip the Eurozone’s wings.
Despite the claims that they will make that they are still separate states, if the effects of their internal workings affects the other EU members as if they were a single entity then that is how the lines should be redrawn.
This is a battleground on which the UK should be standing. This is one way we can stop the Eurozone getting a disproportionate amount of power and influence Mr Cameron.
But better still and far easier just to leave the EU and control our own future.