Brussels battering to go on under Lord Hill’s EU
Financial services will get no break from Brussels’ battering, as new European Commissioner Lord Hill yesterday vowed to work for the EU as a whole, rather than the City.
Outgoing bureaucrat Michel Barnier had led the introduction of a tide of new red tape since the financial crisis struck. But the incoming British commissioner promised MEPs he is keen to implement all the rules currently in the pipeline.
Hill revealed he opposes the UK’s plans to stop the new bank bonus cap, and does not back banks’ efforts to get around the limits on pay.
And he repeatedly told MEPs that he backs increased regulation to bring financial services in line.
“There can be no going back to the wild risk taking with its terrible toll on the jobs and living standards of our citizens,” he said.
But he did hint that the pace of regulation will slow down.
“While we must certainly be vigilant to new risks emerging in our system, we should not expect to have to pass anything like the same volume as primary legislation in the next five years,” Hill said.
And business group TheCityUK welcomed Hill’s enthusiasm for opening up trade to the rest of the world.
“Lord Hill noted his commitment to take forward the Transatlantic Trade and Investment Partnership negotiations and his statement that regulatory cooperation with the US is on his agenda is one that has also been a longstanding priority for TheCityUK,” said the group’s chief Chris Cummings.
“It will help secure the future competitiveness of the industry and deliver a stronger and more effective transatlantic marketplace from which businesses and their customers will benefit.”