Protecting the City from the EU

George Eustice MP has welcomed an Open Europe report that calls upon the UK Government to make an 'emergency brake' on EU financial regulation the UK's price for eurozone fiscal regulation.

As it looks increasingly likely that France and Germany will press for eurozone fiscal integration at this weekend's European Council meeting, Open Europe have argued that the Government must seek to safeguard the economic benefits to Europe and the UK offered by the financial services sector. These benefits include a tax contribution to the Exchequer of £53.4bn (over 10% of total income) and a £35.2bn trade surplus last year. 

George Eustice said: "We must establish an 'emergency brake' in any future treaty so we can veto proposals that are against our interests."

To read George quoted on this issue please click on The Sun, The Telegraph or the BBC