The director general of think-tank the Institute of Economic Affairs hit out at mounting regulatory requirements, saying they contradicted the view that Britain’s financial industry is a hub of “devil-may-care, Wild West, free-market capitalism”.
Speaking to the UK Independence Party Conference in Westminster on 20 September, Mr Littlewood cited data analysed by the think-tank, which found the number of data entries supplied in reports has risen by 4900 per cent over the past 39 years, from 150 to 7500.
He also commented on figures cited earlier this year by Andrew Haldane, executive director of financial stability for the Bank of England, which suggested there is now one regulator for every 300 employees in the financial sector, compared to one for every 11,000 in 1980.
Mr Littlewood said: “I do not know how to describe such a legal framework in polite company, but it cannot be described as unregulated free-market capitalism.”
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