The appointment raises further questions about Gordon Brown’s acceptance of Baroness Ashton as the EU’s foreign minister. Michael Fallon is no doubt:
“Brown has been completely outwitted. We now have none of the three key economic jobs in Brussels. This has all happened at an incredibly dangerous moment when there are firm proposals which will govern regulations on banking, insurance, private equity and hedge funds.”
Despite its insistence to the contrary, Downing Street has failed to protect financial regulation from falling into foreign hands. The outmanoeuvred Prime Minister has left the City at the mercy of a politician who believes there is “too much free market liberalism”. No wonder the French are so keen on Gordon Brown. Recovery has been joepardised by political naivety.