Copenhagen, today

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I'm heading to Copenhagen today at the invitation of the Business School to debate 'Onshoring Offshore'.

The subject remains a key one. Indeed, recent events highlight just how sensitive sovereignty is and just how important it also is to ensure that business is held to account for what it does. In this context the whole dispute between the UK and EU and the ostensible reason given by Cameron for exercising the UK veto is all about offshore. London is an offshore finance centre that seeks to undermine regulation in other countries and does so in no small part bu pretending activities take place 'elsewhere' from where they are really managed.

So, for example, the EU wants hedge funds regulated and taxed where there impact is. London wants to be able to claim they are in Cayman when that is obviously untrue.

Cameron chose offshore over onshore. That was a massive mistake for the UK. And we will suffer for it because Europe will not forgive us for choosing to undermine it's economies, regulations and tax systems.