UK Treasury backs Capital Markets Union

The UK’s Economic Secretary to the Treasury has given her support to the European Union’s plans for a Capital Markets Union.

In a speech yesterday, Harriett Baldwin confirmed the government remains “staunch supporters” of the plans, which are designed to build a true single market for capital across the 28 EU member states.

The proposals were set out by the European Commission in October to make it easier for companies and infrastructure projects to get the finance they need, by encouraging more diversified sources of financing.

“Breaking down barriers across the single market will help British firms diversify their investments at lower costs, and offer our competitive products to savers across the single market,” said Baldwin.

Since the crisis, a huge amount of financial services reform has taken place,” she continued. “But with that framework now in place, we need turn our attention to reform that boosts our economies, and increases competitiveness within the single market, and the competitiveness of the single market as a whole. This ambition is at the heart of Capital Markets Union, which is why we are fully on board.”