Mark Boleat, Policy Chairman at the City of London Corporation, in response to the House of Lords EU Sub-Committee on Economic and Financial Affairs report.

“The City’s view is that we want the UK to be in the EU – but a reformed EU that has its focus firmly on the creation of jobs and sustainable growth. What is promising is that the EU Commission’s new structure will now provide more checks and balances before any new proposals are made. In addition, Lord Hill holding an important financial services brief and the early proposals for a Capital Markets Union, which could significantly boost access to finance for all businesses, are also welcome.

“However, the Lords Sub-Committee has made a number of significant points that we agree with. Regulations like the bank bonus rules and FTT only serve to undermine our competitiveness and Impact Assessments need better auditing so that burdensome regulation is not rushed through on a whim.

“As the gateway for international trade with the rest of Europe, the UK should be playing a full and active part in making sure that we hold an important influencing position. Sticking our heads in the sand is not an option and that is why we need business more than ever speaking up on the issue of our European future.”