European Bank Reforms - Bad for British Business?

The House of Lords sub-committee on economic and finanical affairs has warned of increased INTERVENTION in bank regulation from Brussels and has branded the EC's reforms as "the greatest competitive threat that the UK faces". Their concerns imply that the reforms will increase the cost of doing business in the UK and that they were "emotive rather than rational" (quote from Stuart Fraser, chair of the policy and resources committee). Stuart urged UK finanical institutions to come up with their own suggestions.

The EC wants to intervene in domestic fiscal (taxation) policy.