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British Bankers Spend over €34 Million a Year to Influence EU Policy-Making

The UK financial sector spends at least €34 million per year on lobbying in Brussels and employs more than 140 lobbyists to influence EU policy-making, according to a study published today by Corporate Europe Observatory.

Lobbying for the City of London” shows that British banks, hedge funds, insurance companies and their lobby groups command massive resources and enjoy easy access to decision-makers in EU institutions. And collectively, the industry has emerged victorious from many lobbying battles in Brussels, with key victories on banking regulation, hedge fund regulation, and complicated financial products such as derivatives, often at the cost of regulation in the public interest.

From December 2014 to May 2016, UK financial sector lobbyists had 228 lobby encounters with elite European Commission officials. [2] On top of this, 71 representatives of ‘the City of London’ hold passes that offer access to the European Parliament enabling them to hold hundreds of lobby meetings with MEPs.

 

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