Monday, 27th February 2012
Prudential is the latest City of London business to consider leaving the capital as another EU Directive is set to come into effect on 1 January 2014.
Britain's largest insurer is reported to be reviewing its London operation with a view to relocating to Hong Kong as result of the Solvency II Directive (2009/138/EC).
This EU Directive concerns the amount of capital that insurance companies that are based in EU member states must hold to reduce the risk of insolvency and was voted for by Labour, Conservative and Liberal Democrat MEPs in a vote that took place back on April 26, 2009.
UKIP MEPs voted against as did Conservative Party MEP Daniel Hannan.
Prudential is reported to have concerns about the impact such regulations would have on their business.
Founded over 160 years ago, the company is one of the City's best known names.
Steve Woolfe, UKIP's City spokesman, and London Assembly candidate, said: "Thousands of UK jobs are once again under threat as yet another British company considers leaving the UK because of the cost of complying with unfair and crippling European legislation.
"Prudential's review follows the decision by Tate & Lyle to sack workers in London, and Bombardier making 2,000 workers redundant in Derby because of protectionist EU rules.
"No job is safe and no business in the UK exempt from crippling protectionist EU laws. Businesses and the electorate are now awake to this fact.
"When will the Coalition stand up and defend British jobs by challenging or pulling out of this discredited, damaging and costly Union?"
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