Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-07-21-Speech-3-060"
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"en.20040721.2.3-060"2
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"Mr President, indeed we have much to look forward to in the course of the next six months and I notice in these proposals that there is an absolute mass of proposed financial services regulation. The Dutch presidency is going to push for the reinsurance directive. It is going to push for the third money laundering directive. It is going to push for the capital requirements directive and much, much more.
Financial services is Britain's biggest and most successful industry. All of this agenda is nothing less than a disaster for the City of London, and it is a policy of beggar thy neighbour because the businesses of investment and insurance is not going to move from London to Frankfurt or Paris: it is going to be forced outside the European Union. It is going to move to the offshore centres. Frankly this is a deliberate policy that is being pursued by the European Union year after year after year, and it is costing my country a great deal of money.
That said, I do admire your sense of humour because you are still banging on about the Lisbon Agenda. Do you remember that - the great proclamation a few years ago that we were going to create the high-tech, dynamic economy with full employment? Here we are half way through the programme and we see high unemployment, sclerotic growth and not a cat's chance in hell of any of the Lisbon Agenda being realised.
And then you want to renegotiate Britain's rebate and we will lose a further GBP 2 billion a year! This is all so bad that it is really very good because the genie of public opinion is now firmly out of the bottle. We know that this is a political project. Frankly what I would like you to do is to press this programme as aggressively as you can because you will make the British public and the public in many other Member States so furious that when we get our chance in these ten referendums we will say no and we will say it loudly."@en1
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