"When it came to his announcement, the Chairman of the Treasury Committee and others asked about how far the UK is now free to do as it wishes on banking regulation. The Chancellor explained that the EU was now considering the Vickers Report with a view to seeing how much the UK can do without infringing the EU’s growing mastery of financial regulation. There are queries about whether the UK is any longer able to impose its own capital requirements on banks, one of the three main recommendations of the Report." (My emphasis)Parliament maintains that it is 'sovereign', in other words having supreme, independent authority which must, surely, encapsulate the ability to decide, unhindered, the financial measures - or come to that any measure, not just financial - that it considers necessary for the good of the country. That it has to seek the approval for measures it wishes to take - and accepts measures imposed upon it, measures that cannot be altered one iota - from another body means, I would suggest, that it has suffered a 'significant' loss of power.
Perhaps our political elite need to amend the European Union Bill erasing the word 'significant' when talking about 'loss of power' and substituting one that more accurately reflects what is meant.
Just saying......................
