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✒️ Brexit - EU Red Tape Strangles Business! 🖋

466 views · Published 4 September 2017 · 3:32 · Indexed 28 October 2026

Channel: Jeff Taylor · 2017 · News & Politics

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One of the claims made by those Pro-EU Remain types, is that we must stay in because the EU reduces all that nasty red-tape. But does it really do that?

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I bet you’ve seen those claims by the Remainers haven’t you, that the EU isn’t a bureaucratic red tape machine.

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Well the boss of a UK building society has another view on this and he’s speaking from direct experience!

The Chief Executive of the Bath Building Society, Dick Jenkins, says that the EU piles lots of pointless paperwork requirements onto employers.

He says that the EU makes a relatively small company like his comply with the requirements designed for much larger set-ups in its one size fits all regulatory setting.

The Bath Building Society only has a balance sheet of about £300 million, but it is one of those traditional British institutions that are so central to our society.

But the imposition of these EU rules means that he has to employ some eight to ten people out of his workforce of sixty just to service those administrative requirements.

Further, under the European Marketing Infrastructure Regulations, his organisation has to clear money-swaps through the larger banks, but due to the small size of the transactions only one bank will do it and the end result may be that the BBS mortgages could become uncompetitive. Can any Remainer out there tell me how this is good for UK small businesses?

The Chief Executive of the Building Societies Association last year said that the costs this imposes on smaller lenders means that well-run and innovative institutions cannot afford to stay in the game.

His comments came after a survey where its members reported that a large lender would pay a compliance cost of £45 per million pounds of assets, whereas a small lender would have to fork out £450 per million in assets.

A big point here is that large corporations can absorb these smaller costs much more easily, so you can see why the larger companies want the UK inside the EU system - it makes it harder for small, growing companies to compete with them.

The FT does report that the EU has plans to change these rules, but by when and what those changes will be and how they will or will not affect our smaller high street lenders is not clear.

Anyway, for me it’s just another example of unneeded interference from Brussels.

What do you think? Please leave a comment below.

Thank you.

Sources:

https://www.ft.com/content/4e2967a4-8991-11e7-bf50-e1c239b45787

http://www.express.co.uk/news/uk/849805/EU-red-tape-bank-Brussels-rules-reports-staff-waste-boss

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