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The vast majority of the UK’s financial-market managers support a British veto on EU financial rules, even at the cost of reduced access to the single market.
14 December 2011
69% of financial services professionals say that they would support the UK having a veto on future EU financial regulation and other financial measures, even if it risked reducing their firm’s market access to one or more EU countries.
56% of financial services professionals think that, on balance, the costs of EU financial regulation currently outweigh the benefits of the single market to the City of London, while 31% disagree. Over the next five years, 62% expect the costs of EU regulation to outweigh the benefits of the Single Market, while only 24% disagree.
While the single market is seen as important, surprisingly, a full 70% think that the UK Government needs to renegotiate the existing EU treaties to safeguard the City of London, limiting agreements to trade and association only.
Given that the UK and other non-euro countries are opposed to an EU-wide FTT, the likelihood of a Eurozone-only FTT being proposed has increased. If the Eurozone went ahead with its own FTT, without the UK, finance professionals think this would still have a negative effect on UK firms. 55% say it would have a “negative effect” on their UK operations. If an EU-wide FTT, including the UK, was introduced, 48% of financial services professionals say they would consider moving some of their activities to outside the EU.
In contrast to EU-level regulation, financial services professionals are less likely to agree (40%) that the costs of UK-derived Financial Services Authority (FSA) regulation outweigh the benefits, than disagree (47%). Only 22% of respondents agreed that the EU institutions have a better understanding of how financial markets operate than the UK’s FSA, while 62% disagree.
ComRes interviewed 500 financial services professionals between 28 November and 7 December 2011.