CMC Invited to Meet with UK Exchequer

CMC was invited to meet with Mark Hoban, Financial Secretary to the UK Treasury and a senior member of the ruling Conservative Party. He opined that all jurisdictions are moving in the same direction when it comes to financial regulation, although he admitted that Europe is far behind the US in implementing reforms. He said that having the Financial Services Authority’s functions subsumed into the Bank of England will make for a more robust and comprehensive regulatory structure in the UK. On the Greece situation, he said that a breakup of the Eurozone would not be in the best interests of Europe. He stood firmly behind the British government’s plan to reduce their fiscal deficit by increasing taxes and decreasing public spending in the ratio of 1:3.

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