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EU sets new rules on competition |
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The European Union (EU) has agreed a landmark deal that will see the continent's services market opened up to cross-border competition.
The new rules will allow providers of a range of services to carry out their business across Europe's trading bloc with fewer restrictions than previously. As the service sector and businesses in it currently account for 70 per cent of the Europe's economy, the agreement is seen as a key move towards the completion of the EU's single market. Finalisation of the deal came after prolonged disagreements over the exact nature of the reforms and it has seen many alterations since the initial version, but 24 of the EU's 25 member states voted to back a revised draft of the proposals yesterday. Lithuania was the only country to reject the proposals, but France, which had been a major opponent of the proposed rules, agreed to accept the revised draft. The directive will now go back to the European Parliament for a second reading. The UK government says the new legislation will add around £5 billion a year to the country's economy and will boost service industries such as advertising, construction, retail and plumbing. |
