The EU's latest attempts to close down The City

"The latest proposals out of Brussels on financial regulation are just another power grab." said Nigel Farage, UKIP leader.

"The entire European Union system is paralysed by the fear that someone, somewhere, might be going unregulated, doing something, anything, without their permission.

"They're also refusing to let a good crisis go to waste. The Commissions' proposals centre on regulating hedge funds and private equity: neither of which has had anything at all to do with the current problems. And just for good measure they've thrown in some financial protectionism.

Only funds which are domiciled in Europe can be sold in Europe, that's just to make sure that you can't invest your money with anyone the Commissars disapprove of.

"The entire set of proposals reek of an attempt to close down The City. Not for any rational or logical reason but simply because the bureaucrats in the Commission simply do not understand markets."