The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Blair backs euro “after five tests”

London's Hilton Hotel was running at full capacity this June with 800 delegates from some 60 countries attending Euromoney's Global Borrowers and Investors Forum.

Prime attraction, at the end of the three-day conference on Thursday June 22, was a keynote speech by UK prime minister Tony Blair, which contributed a good deal to the squeezing and crowding.

Blair proudly presented New Labour's efforts to make Britain "the best place to do business in Europe".

One major threat to the prosperity of the financial community in the City of London, the prospect of a Europe-wide withholding tax, has been averted at June's EU summit in Feira, Portugal "by winning the argument, not by using the veto," Blair told his audience.

"And by winning the rest of Europe round to our view we have done more than protect Briton's interest over withholding tax. We have advanced our vision of an open, deregulated Europe in which legitimate tax competition is a spur to economic development not a threat."

The City is, in fact, prospering at such an unexpected rate that the question arises whether this is despite the UK being outside the eurozone, or maybe because of it.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree