London MEP  given a commitment by EU finance supremo to meet members of the private equity and hedge fund community in the City of London.

News Desk

European Commissioner for the internal market and financial regulation has reassured British concerns that his appointment will not be damaging to the City of London in a comprehensive reply to Syed Kamall MEP for London.

Michel Barnier EU Commissioner for the internal market and financial regulation said:

“I understand the concerns expressed by your constituents but would like to reassure you and them.”  

“I believe in a strong City at the heart of jobs and growth - for London, the UK and Europe as a whole.  I don't want to undermine the City, on the contrary I fully understand its importance and I want it to be an even more vibrant powerhouse, creating jobs and growth for all.”

The Daily Telegraph in an exclusive has reported that Syed Kamall MEP for London, via a personal letter to Mr Barnier, will meet private equity firms and hedge fund managers in the City of London dispell fears that the City will lose its role in the world financial markets.

Syed Kamall MEP for London said:

"I am pleased that Michel Barnier recognises the importance of the City of London to the economy of the EU. It is important that we now work together to avoid financial legislation that drives businesses away from London and the EU."

Michel Barnier EU Commissioner for the internal market and financial regulation said:

"I don't believe in theories setting out a UK versus a French model, or a neo-liberal versus a regulatory interventionist approach.  I'm pragmatic:  what matters is that we have an economic system in place which creates wealth for our citizens".

President Sarkozy of France was reported to have said following Barnier's appointment that the UK would be the "big loser".

photo credit: EU Commissioner Michel Barnier - Syed Kamall MEP for London