The City, Europe and politicians!

I am spending some time with NCI a think tank that offers an independent, expert voice in the debate over the future of financial regulation, and on Wednesday they had a timely and very well attended discussion at the British Academy, about The City and its relationship with Europe titled – The City: Out of Europe or Capital of Europe?

James Hanning, the deputy editor of the Independent on Sunday moderated a very lively and vibrant debate between David Laws MP, the former Chief Secretary to the Treasury and one of the five negotiators for the Liberal Democrats who negotiated the coalition deal for them to govern with the Conservatives, and Nigel Farage MEP, a founding member of the UK Independent Party and currently their leader. Farage, a prolific Eurosceptic British politician left the Conservative party in 1992 after they signed the Maastricht Treaty.

The debate opened by each giving a speech; David Laws’ was pro Europe, advocating an understanding of the importance of being in Europe. He firmly warned against hyper negativity and promoted the benefits of being in rather than out of Europe, however, he also acknowledged: “we are at a very crucial stage in our relationship with the EU.”

Nigel Farage’s was pro Britain, pro The City, pro making London the hub of the world, he said; “The City is the biggest economic artery in the UK and could become the world’s.” Then stressed there is unfounded fears that if the UK leaves the EU it might lose out and asserted that the freedom to trade freely with the larger world, such as with India and Brazil, have by far more benefits than none.

Then the floor was opened for discussion, unsurprisingly, questions and comments from guests were mostly in support for an ‘OUT’ citing the cost of the EU to the UK, both financially and by way of regulations that restrict Britain and confine her to working only with the EU.

Although that particular audience was a small sample of city traders, business owners, politicians, some bankers and many who work in The City, but in my opinion it was reflective of the current public mood. That is way I am happy, judging by most of today’s press, to see our politicians from both sides of politics are now in sync with the public, because Europe like immigration is no longer a right of center issue but a right of choice matter!