Britain Has 'Moved Away' From Aligning With EU Regulation, Financial District's Ambassador Says (reuters.com) 7
An anonymous reader shares a report: The prospect of Britain realigning its financial rules with the European Union has passed, and the country should avoid linking its regulations to any single jurisdiction, the ambassador for London's financial services sector told Reuters. Nearly a decade after Brexit, newly appointed Lady Mayor of London Susan Langley said that while maintaining dialogue with the EU remained important -- particularly on defence -- Britain should work with all nations that share its values and respect the rule of law.
"We've still got huge alignment with Europe, cash flows between us are huge... Would we ever go back in terms of regulation? I think we've moved away from that," she said.
"We've still got huge alignment with Europe, cash flows between us are huge... Would we ever go back in terms of regulation? I think we've moved away from that," she said.
When London != London (Score:5, Interesting)
The summary is wrong. This lady is the Mayor of the City of London, which for purely historical reasons is distinct from the actual city of London. It's usually referred to as The Square Mile because of how small it is. Imagine if in New York Wall Street had its own mayor.
In short, no-one except her paymasters gives a single shit what she has to say about anything.
Re: When London != London (Score:2)
What is wrong with the description? It describes her as the ambassador of Londonâ(TM)s financial sector, which is essentially true.
The City of London is basically one of Londonâ(TM)s administrative districts, along with the 32 boroughs. The Lord (or Lady) Mayor of that district represents the residents (not many) and the businesses (mostly finance) of that borough. The City of London is about a square mile, and itâ(TM)s synonymous with the UKâ(TM)s financial industry because so much of
Re: (Score:2)
Re: When London != London (Score:4, Informative)
What is wrong with the description? It describes her as the ambassador of Londonâ(TM)s financial sector, which is essentially true.
Ambassador in the sense of getting dressed up and hobnobbing with CEOs and the ultra-wealthy. However, the Mayor of the CoL has no political clout. When The City has a problem with government policy they can talk directly with the government; they don't need any help from the Mayor.
The City of London is basically one of Londonâ(TM)s administrative districts, along with the 32 boroughs. The Lord (or Lady) Mayor of that district represents the residents (not many) and the businesses (mostly finance) of that borough. The City of London is about a square mile, and itâ(TM)s synonymous with the UKâ(TM)s financial industry because so much of it is based there.
I know what the City of London is. I also know what "The City" is. They're not synonymous. One is an area of London with lots of big buildings in it and the other a collection of very large companies, some of which have premises in the CoL.
As the spokesperson (or ambassador) of the sector generating the most tax receipts and the most exports, people do actually give a shit about what she says, even if you personally donâ(TM)t like London or the banking sector.
The main difference between the CoL and other local authorities across the nation is that corporations (small c) get to vote for the leader of the Corporation (big c), i.e. The Mayor. Consequently the office of the Mayor of the CoL amounts to not much more than a mouthpiece in a fancy robe; even the City of London Police are best known for going after people that big businesses don't like. But, as I said before, if you're really big in The City you don't need help to get the government's ear - you have the Chancellor of the Exchequer on speed-dial.
So, no-one really gives a shit about what the Mayor of the City of London has to say, because everyone who reads the FT or has even a moderate interest in politics already knows what businesses want. Most people living in London proper couldn't name the Mayor of the CoL, or her predecessor. Most people in the UK don't even know that there is a different mayor for the CoL.
That's how inconsequential the office is.
If only they remove enough regulation... (Score:2)
Re: (Score:2)
Britain should work with all nations that share its values and respect the rule of law.
If it's not the EU then which nations would that be? The US? China? India?
Independent country? (Score:2)
The question is "How to determine when being part of an unellected regulatory agency has more benefit than expenses to members?"
A sunset law requiring an 85% vote to continue the multinational agency every 25 years could help to keep the agency functioning for the benefit of its members and not just existing to feed its own bureaucracy and be a job and political career position for the daughters and sons of wealthy families.
These two are in general and not directly towards the EU institution.