Heseltine urges City EMU plan
Wednesday 07 February 1996
Giving the annual Corporation of London/Proudfoot lecture, he also spoke out vehemently against calls for relaxation of the criteria for union to enable it to go ahead according to a political timetable. "City firms should be thinking about their own preparations and how they would adjust to a single European currency," Mr Heseltine said. Despite the recent efforts by the European Commission to raise awareness of the euro and the changes it would bring, there continues to be much evidence that the big banks and other City firms are being slow in readying themselves for EMU.
"We cannot contemplate relaxing the criteria for Economic and Monetary Union. The Chancellor of the Exchequer has said that if, for political reasons, some European leaders pressed for EMU to happen without getting the economic conditions right, he would be among those arguing not to join. I agree with him 100 per cent,'' Mr Heseltine said.
The City must remain vigilant, he urged, if it is to retain and build its advantageous position as Europe's pre-eminent financial centre. "When you are the best, the competition is desperate to knock you off the top spot. Frankfurt and Paris and others are using you as a benchmark and constantly striving for improvements so that they may succeed London as Europe's number one."
"London is already Europe's financial capital. My vision is for London not just to maintain its position, but to become stronger and to stretch its lead over its rivals even further. On this rock we are building the enterprise centre of Europe,'' he said.
Mr Heseltine criticised the City for the persistence of the difficulties small firms face in raising appropriate finance. "Too many of these firms cannot raise funds in this country. Some find the backing they seek overseas - and in so doing take potentially winning products or processes out of the UK".
- 1 Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
- 2 Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
- 3 Oil tanker with $100 million cargo goes missing off Texas coast
- 4 George Galloway attacked on Notting Hill street by man 'shouting about the holocaust'
- 5 Brother and sister, Christopher Buckner and Timothy Savoy, arrested for 'committing incest after watching 'The Notebook''
Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Oil tanker with $100 million cargo goes missing off Texas coast
George Galloway attacked on Notting Hill street by man 'shouting about the holocaust'
Brother and sister, Christopher Buckner and Timothy Savoy, arrested for 'committing incest after watching 'The Notebook''
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
- < Previous
- Next >
iJobs Money & Business
£50000 - £80000 per annum + benefits+bonus+package: Harrington Starr: Data Sci...
£450 - £500 per day: Orgtel: SAS Business Analyst, London, Banking, Credit Ris...
£32000 - £38000 Per Annum Bonus, Life Insurance + Other Benefits: Clearwater P...
£200 - £250 per day + competitive: Orgtel: KYC Analyst, Key Banking Client, Bi...