HSBC and Standard Chartered chairmen demand EU reform

Tim Wallace
Follow Tim
THE CHAIRMEN of two of the UK’s biggest banks yesterday called on Brussels to promote free trade and slash regulation as the best way to increase competitiveness and cut unemployment in the region.

HSBC chairman Douglas Flint and Standard Chartered chairman Sir John Peace were among dozens of business leaders who demanded the changes in a letter to the Sunday Times. Next boss Lord Wolfson, ICAP chief Michael Spencer and Greggs chairman Ian Durant also signed the letter.

“With more than 5m young Europeans out of work, the Eurozone crisis, economic stagnation and a growing gap between voters and the governing elite we are confronted with a stark choice: reform or decline,” the group said. “The EU’s share of world trade has fallen by a quarter over the past decade. It’s time to raise our game.”