Ten Houses channels the spirit of Gordon Brown

[zugzwang]

Something they've been wanting to do since 2010.

 

https://uk.finance.yahoo.com/news/rishi-sunak-weaken-city-regulation-161257962.html

Rishi Sunak to weaken City regulation in post-Brexit nod to Tory donors

Rowena Mason and Heather Stewart

Tue, 10 May 2022, 5:12 pm

Chancellor to get rid of EU regulatory regime in financial services sector and replace it with a UK-specific one

Rishi Sunak has moved to weaken regulation of financial services brought in after the 2008 crash amid fears he is aiming to make London into a post-Brexit “Singapore-on-Thames” pushed by Tory donors.

The chancellor is bringing forward a new financial services and markets bill as part of the Queen’s speech with the aim of “cutting red tape in the financial sector”.

Under the changes, Sunak is planning to get rid of the EU regulatory regime covering the City of London and replace it with a UK-specific one.

The Queen’s speech insisted that “high standards” in financial services regulation will be maintained but the move stoked fears that Sunak is looking to rip up rules governing the banks, insurers, traders and others in the City in order to boost the economy.

Tory and leave donors have long been pushing for a move towards a lighter touch regulatory regime, sometimes referred to as the Singapore-on-Thames model.

Sunak earlier this year said that Brexit would lead to a “big bang 2.0” in reference to the period of financial services deregulation in the 1980s, which was later blamed for paving the way to the financial crash of 2008.

The description of the bill does not go into details about which elements of regulation will be scrapped or changed, but it does mention reform of rules around the UK’s capital markets “to promote investment”. This appears to take aim at MIFID II – tough regulations brought in by the EU after the 2008 crash to improve markets.

...

Fran Boait, executive director of Positive Money, a campaign group for a fair economy set up in the wake of the financial crisis, said: “Plans to force regulators to promote the ‘growth and international competitiveness’ of the City of London is at odds with such efforts to increase financial inclusion, as well as the government’s climate and ‘levelling up’ goals.

“A focus on the growth and ‘competitiveness’ of the finance sector is what led us down the path to the 2008 financial crisis, and will mean regulators prioritising banks’ profits over the public’s access to financial services, as well as the wider health of the economy.”

[Si1]

There's less shame in a council estate brothel.

Edited May 10, 2022 by Si1

[henry the king]

Fine as long as he sticks to it (which he won't) and lets them go broke and have their personal assets reclaim when they are criminally reckless with other people's money. 

The worst of both worlds is Brown, J.Powell and the rest of them. I expect Sunak would join them when the system collapses again. In fact he already has with furlough. Sunak is just Brown 2.0. Going to destroy the country even more.

Capitalism on the way up and interventionism on the way down.

Rigged system. Needs to be entirely ripped up.

Edited May 10, 2022 by henry the king

[zugzwang]

Johnson's govt no longer committed to manifesto target of building 300k houses/yr says levelling flat secretary Michael Gove.

 

https://www.msn.com/en-gb/news/uknews/michael-gove-says-tories-no-longer-committed-to-manifesto-target-of-300-000-new-homes-a-year-uk-politics-live/ar-AAX9aTT

Housing reforms ripped up. Hpi forever plan, no change.

 

 

[msi]

Tories gonna Tory

[byron78]

Oh look.

The banks are running the country.

I suspect most still think Mad Gordo printed most of the bailout cash that has mostly found its way to Goldman Sachs and co.

He didn't. Us Tories did.

 

[msi]

27 minutes ago, byron78 said:

Oh look.

The banks are running the country.

I suspect most still think Mad Gordo printed most of the bailout cash that has mostly found its way to Goldman Sachs and co.

He didn't. Us Tories did.

 

and still the ToryFanBoyz say it was ScRoUnGeRs, ImMiGraNtS, and SiNgLeMoThErS costing us...

[byron78]

Just now, msi said:

and still the ToryFanBoyz say it was ScRoUnGeRs, ImMiGraNtS, and SiNgLeMoThErS costing us...

The thing is, they still want that narrative.

And when you point out that Gordon Brown actually printed less than 10% of the QE they complain about they tend to just ignore that fact.

Lots of scroungers, feckless parents, and immigrants in this cabinet.

Boris "8 kids, lived off the taxpayer forever, sold my soul to a Siberian immigrant" is a one man posh chavalanche, isn't he?

But that's all fine (apparently).

[Insane]

1 hour ago, byron78 said:

Boris "8 kids, lived off the taxpayer forever, sold my soul to a Siberian immigrant" is a one man posh chavalanche, isn't he?

But that's all fine (apparently).

Where did anyone say that that was fine. 

As you keep being told but it fails to sink in many people will still vote Tory as they think they are the least worst. 

While we are on the subject of voting for a different party can you give me any indication of any Labour Policy's ? 

I know they are busy trying not to state what a Female is but a few ideas for the future giving an alternative to the current rabble in number 10 would be good. 

[Timm]

24 minutes ago, Insane said:

(...)

While we are on the subject of voting for a different party can you give me any indication of any Labour Policy's ? 

I know they are busy trying not to state what a Female is but a few ideas for the future giving an alternative to the current rabble in number 10 would be good. 

https://labour.org.uk/stronger-together/

[Insane]

1 hour ago, Timm said:

https://labour.org.uk/stronger-together/

Well I have just taken a look. 

There are a lot of words and headings see below.

• A green and digital future
• Better jobs and better work
• Safe and secure communities
• World-class public services that work from the start
• A future where families come first
• A new international role for Britain

But when you click on the various headings it all seems more like a wish list. 

There is no actual Policy of how this will all work are they going to raise Tax to do it ? Cut Tax for the low paid ? Scrap jobs that don't fit the heading of better jobs ? TBH it really is a wish list if you look at what they are proposing and what they did when in Government. To give workers full rights from day one , when they were the party of the Zero Hour Contract. 

[Timm]

17 minutes ago, Insane said:

Well I have just taken a look. 

There are a lot of words and headings see below.

• A green and digital future
• Better jobs and better work
• Safe and secure communities
• World-class public services that work from the start
• A future where families come first
• A new international role for Britain

But when you click on the various headings it all seems more like a wish list. 

There is no actual Policy of how this will all work are they going to raise Tax to do it ? Cut Tax for the low paid ? Scrap jobs that don't fit the heading of better jobs ? TBH it really is a wish list if you look at what they are proposing and what they did when in Government. To give workers full rights from day one , when they were the party of the Zero Hour Contract. 

Yes, I agree.