Monday 25 February 2013

A Fixed Rate, Indeed

On Thursday, the European Commission, the European Council and the European Parliament will all debate a proposal by Philippe Lamberts MEP, a Belgian Green, to cap bankers’ bonuses at a fixed rate of 100 per cent of salary.

Good stuff. But if we needed the European Commission, the European Council or the European Parliament to do these things, and that in this of all countries, which at least nominally contains the City of London, then there would be no point in having either the Parliament of the United Kingdom or the Labour Party. Is there any such point?

Surely the City of London is not a state within this state, a violation of our sovereignty as much as any subordinations to the the European Commission, the European Council or the European Parliament? Is it?

3 comments:

  1. In answer to your question, no.

    And the attempt to cap bonuses (which destroys our ability to compete with Tokyo and Wall Street) like the Tobin Tax, is a Franco-German raid on the City of London.

    The French and Germans have always been bitterly jealous of the fact that the financial centre of Europe lies outside the eurozone, in Britain.

    Never mind that the City contributes a huge amount to Britain's Treasury-and indirectly creates millions of jobs around London, from the secretaries, PR's and marketing firms, to the restaurants, clubs and shops where City boys spray the cash.

    All Europe needs is anti-British Leftists like you to do their work for them.

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  2. Yes, I am sure that the French and the Germans are despondent at not having to host the City...

    So much for the sovereignty of Parliament, that you wish to carry on indulging this greatest of all offences against it.

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  3. They are indeed "despondent"-France has long resented the fact that most of Europe's banks choose to be here and not in Paris.

    Labour would have been retty "despondent" too-the City was a major source of the tax revenue it splashed around. Thats what Third Way was all about.

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