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Labour has today warned that isolation and marginalisation in Europe could leave the UK vulnerable to new regulation that does not suit the needs of its economy, and called on the Government to report on the steps it is taking to protect UK interests.
In a joint letter sent to Business Secretary Vince Cable and Chief Secretary to the Treasury Danny Alexander, Chuka Umunna and Rachel Reeves highlight concerns that, if not correctly designed and implemented, planned new regulations currently in the pipeline could hit vital investment in British businesses and infrastructure, harming the UK’s future growth potential.
Please click here to read the full text of the letter
There are concerns that EU directives currently being developed could impact on infrastructure investment in the UK. These concerns have been raised by organisations including the CBI, TUC, National Association of Pension Funds and Association of British Insurers.
In the letter they call for a full report on the assessment the Government has made on the threat to the UK economy, and the steps being taken to ensure that UK interests are being taken into account, including the construction of appropriate alliances in the European Parliament and with other member states.
Rachel Reeves MP, Labour's Shadow Chief Secretary to the Treasury, said:
“In the wake of the global financial crisis it is vital that financial services, including the pensions and insurance industries, are properly regulated to ensure stability and good governance, but this must not have the perverse consequence of hindering investment in the essential infrastructure and productive businesses that must be the foundation of our future prosperity. We need to know that the Government has a grip on this issue and that institutional investment in British business and infrastructure will not be another casualty of the Government’s complacency and inattention”.
Chuka Umunna MP, Labour's Shadow Business Secretary, said:
“The Government’s semi-detached attitude towards Europe has compromised the UK’s ability to build alliances to get the best deal for British business in Europe. This could put crucial investment in infrastructure at risk which is why Labour is calling on the Government to urgently provide us with a report on the steps it is taking to ensure planned new regulations do not stand in the way of important infrastructure investment.”