Friday, September 03, 2010

Osborne set to seal City's death blow!

AFP have the report on agreement on EU regulation of the City of London reached yesterday, which I quote: A British government spokesperson welcomed the deal, saying it was "a very good outcome for the UK, fully reflecting the priorities secured by" finance minister George Osborne. Not content with handing control of Britain's financial services industry to the EU, to go alongside the powers to raise levies on even international institutions already conceded by David Cameron as we reported here and here, the Coalition Government (crisis ridden already as it returns from a long summer of inactivity while the economic crisis has grown and grown, but still merely navel gazing over a lame duck Foreign and First Secretary of State and a crippled head of Downing Street communications) allows ridiculous kites to be flown on regulatory authority, potentially scaring HSBC to leave the country, according to the FT, linked here, George Osborne prepares to concede in Brussels next Tuesday the one supposed remaining principle of the Tory manifesto, no further concessions of Sovereignty to the EU. I am sorry about the length of the sentence, the mish mash illustrates my complete frustration. How can Cable piss off the banks over proposed legislation the powers of which the Treasury is in the process of giving away to Brussels ......... ALL ON THE SAME DAY?????????



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