• Dansk
  • NL
  • EN
  • FI
  • FR
  • DE
  • EL
  • IT
  • NO
  • PL
  • PT
  • RO
  • SL
  • ES
  • SV

How Cameron delivered victories to Big Finance

From the day a referendum on UK membership of the EU was first announced in 2013, the financial sector has successfully used the occasion to promote its deregulatory agenda.

From the day a referendum on UK membership of the EU was first announced in 2013, the financial sector started using Cameron’s re-negotiation process to promote its deregulatory agenda. Sometimes lobbying was required, but more often the UK government did its work for them.

Full study available here.

Commissioner Hill announces the Capital Markets Union. Photo: EC Audiovisual Services

The financial sector has used the threat of Brexit via the UK referendum on EU membership to promote its deregulatory agenda since 2013, according to the study: “How Cameron's referendum delivered victories to Big Finance”.

From the day a ballot on UK membership was first announced by David Cameron three years ago, the financial sector has sought and won significant lobbying victories thanks to a complicit UK government and EU efforts to keep the City of London happy. The appointment of Jonathan Hill as European commissioner for financial services, the deregulation agenda of the so-called “Capital Markets Union”, the impending roll-backs on rules to protect against financial instability, and special decision-making privileges for the UK should the interests of banks come under attack, are all highlighted as the key triumphs of the sector and its allies in the UK government since the prospect of Brexit was raised as a serious possibility.

Revealing the main developments, actors and methods used in various lobby battles surrounding financial services (de)regulation, the study also examines the work of the International Regulatory Strategy Group (IRSG) - in which the City of London Corporation is involved - to promote the interests of the financial sector.

It also reveals how multinational banking and financial services company Barclays helped convince Commissioner Hill of the need for a consultation on what regulations should be scrapped.

Press release: Bankers win big on UK referendum ballot

Add new comment

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

Get our monthly newsletter

Follow us on social media

The European Commission rebranded AirBnB lobbying documents as ‘commercial secrets’ and therefore denied public access. After eight months of wrangling over their release, Corporate Europe Observatory can report the documents show that AirBnB and similar rental platforms are attacking measures used by cities to protect affordable housing.

Industry lobbyists who want to continue monetising users’ online data are battling against new ePrivacy regulations, targeting EU member states in the Council. And some member state governments are only too happy to help.

The EU member state vote on the EU-Japan trade agreement is close, but not all interest groups had an equal say when the deal was hashed out. Official figures from the European Commission show that big business had many more meetings with the EU trade negotiators than small businesses, trade unions and other civil society actors did.

The plastics industry mounted a significant lobby campaign to influence the European Commission’s recent Plastics Strategy. Industry is now seeking to unpick or undermine key elements of the strategy through lacklustre or non-existing voluntary commitments, or outright opposition. With the Commission likely to publish its proposal to tackle single-use plastic products any day, will it adopt an ambitious approach towards binding regulations on industry?

Lobby Planet 2017 banner