Responding to the passing of the EU financial supervison package at the Parliament European in Strasbourg today, UKIP MEP Godfrey Bloom
, a former City fund manager, aired his disgust at the Tories having "conceded completely on the EU regulation of UK financial services."
"The EU regulators will surely now be able to strangle the City of London, something that many in the EU have longed for.
"That almost all Tory MEPs voted for EU financial supervision shows just how the Tories have fallen for the EU federalist line," Mr Bloom added.
The 'package' will establish three European supervisory authorities in 2011 with centralised EU powers that extend over banks, stock markets, insurance companies and other financial institutions across the Union.
In a rousing debate on the issue earlier today, Mr Bloom said that almost everything that the EU had regulatory control of turned into failure.
"I still worry, Commissioner," Bloom told Internal Market Commissioner Barnier. "I still dread that we will have regulation from the usual mishmash of ignorant bureaucrats, parliamentary committees, with their usual compliment of crypto-communists, anachronistic socialists, journeymen politicians, fringe greenies, a sprinkling of well-meaning housewives and grandmothers exploring their third age.
"The outcome will be the same as all the other EU projects - fishing, agriculture, energy, employment, immigration and... the time-ticking bomb of the single currency.
"It is an astonishing litany of failure. You would think the European Union would get something right once by accident."
"I am desperately cross that the British Conservative Party have given away the City of London regulation.
"If David Cameron had been the admiral at Trafalgar, it would be Admiral De Villeneuve on the plinthe at Trafalgar Square now," he concluded.