THE CITY AND 1992

It is perhaps not altogether surprising that the City views 1992 with mixed feelings. On the one hand, the removal of barriers to the free flow of capital should benefit the City; the prospect of the single market and its anticipated growth will mean more business for the capital markets and therefore London; even the introduction of new directives establishing common regulatory requirements will be welcomed in so far as they level the playing field. On the other hand, directives involve restrictions and there is still considerable uncertainty and suspicion concerning those restrictions and their likely impact.