U.K. Non-Financial Sector to Become More Internationally Competitive According to Bankers' Group

The NYT devoted an article to a report put out by the British Bankers' Association that claimed that new regulations were making the British industry less competitive internationally. This is presented as being a serious problem that should concern people.

In fact, people who believe in free trade should not care any more about the possibility that the U.K. will lose jobs in finance to foreign competition than if it loses jobs in textile manufacturing to foreign competition. The standard free...