City of London

This is an important point. Some of the countries that have perhaps been driving the ambition for further regulation have virtually no hedge fund activity. Does my hon. Friend agree that the success of the City of London and the diversity of financial services—I agree that financial services should be properly regulated, but that has not been the case in the past—are hugely important for the whole EU, which is diminishing in importance as trade flows and economic activity move eastwards? The success of the City is one anchor of our future prosperity, and we risk losing it at our peril.