WYRE Forest’s MP will help research the impact of European Union regulations on UK financial services.

Mark Garnier is leading backbench Conservative Party research into the issue as a member of the fresh start project (FSP), a group which looks at the relationship between the UK and EU.

Mr Garnier worked for 27 years in the financial services industry and will contribute to the FSP’s “manifesto for change”.

The document will set out recommendations for re-assessing the UK’s relationship with the EU in many policy areas and could form part of the Tories’ manifesto for the next general election.

Mr Garnier said: “I am keen to sustain the momentum this project has acquired over the previous year.

“Our participation in the single market is valuable to the country but the overall cost of the relationship is high - possibly too high. That is why we are seeking to secure a new relationship with Europe that better serves this country’s interests.”