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6/7/11

Credibility crisis for UK in Europe - by Michelle Price and Ben Wright

"The UK is suffering from a lack of political credibility in Brussels, which is diminishing its ability to influence a range of European financial services reforms." This threatens to undermine London’s status as the dominant international financial center, according to senior financial executives and lobbyists in the City of London.

Anthony Belchambers, chief executive of the London-based Futures and Options Association, said: “London does not have the same presence or credibility in Brussels since the crisis.” Another senior City of London lobbyist, who asked not to be identified, said: “The London brand is damaged and no one is listening to us.”

The comments came in response to a speech by David Lidington, the UK minister for Europe, who last month urged the City of London to step up its efforts to court European policymakers and “dispel the myth of Anglo-Saxon isolationism”.

For the complete report go to: efinancial News

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