Farage says wrest control from EU

Ukip leader Nigel Farage says the UK must take back control of its financial services industry from the EU.

In his speech to the Ukip annual conference in London last week, Farage called for the UK to leave the EU to stop the “shower of directives” from Brussels.

European commissioner for internal markets Michel Barnier is in charge of EU financial services policy.

He said: “I spent 20 years working in the financial services industry and it is Britain’s biggest industry. It is about 10 per cent of the UK economy but it is not all about the City of London, it is about Cardiff, Birmingham and Newcastle where all these different firms operate.

“And it is not all about banks, insurers, reinsurers, stocks and shares, pensions, commodities and a whole range of industries in which Britain is a world leader.

“I am afraid it is now irrelevant to that industry whether we have the Conservatives, coalition or Labour governments because we have transferred management of Britain’s biggest industry to a very charming Frenchman who does not wish our industry well. We have surely got to take back control of our biggest industry.”

Farage also set out plans to cut corporation tax by using Britain’s £20bn contrinution to the EU budget and raise the personal allowance to £11,400 to take everyone paying the minimum wage out of income tax.