- Thread starter
- #41
Norway and Switzerland has to abide by the same EU rules we do, they just dont have any power to alter the rules.
http://www.cer.org.uk/sites/default/files/smc_final_report_june2014.pdf
Switzerland has opted out of regulation / rules for financial services because of this and this would probably have to be Britains approach also. You are right it would be rules without influence and we would also have to contribute money to the EU in all probability as do the Swiss and Norwegians.
The EU represents 30% of City Bank lending. But there are also an enormous number of bank deposits from the EU in British banks. American banks see Britain as a window to the EU. Leaving the EU would not cripple the City but I can see why they do not want the hassle as it would involve major and expensive restructurings and most probably a loss of advantage in the European markets.