Cost of EU regulation ‘too high’

More than half of finance services professionals think the costs of EU regulation outweigh the benefits of the single market to the City, according to a poll.

The ComRes survey for eurosceptic think-tank Open Europe found that 56 per cent of those questioned thought costs outweighed benefits, against 31 per cent who disagreed.

A clear majority (69 per cent) of the 500 financiers polled said the UK should seek a veto on future EU regulation of the City, even if that risked reducing business opportunities in Europe. Some 70 per cent said Prime Minister David Cameron should renegotiate EU treaties to protect the interests of the City.

The veto on future regulation is one of the safeguards for the City which Mr Cameron demanded as the price of UK acquiescence in last week’s proposed EU treaty.

The poll, carried out in the days before last week’s summit, found 62 per cent of those questioned expect the costs of regulation to outweigh the benefits of the single market over the coming five years.