I1L2T3 Posted December 10, 2011 Share Posted December 10, 2011 Indeed, but that will still continue with a Tobin tax as well as the decimation of UK finance industry, which from memory represents about 15% of the UK economy. Putting any politics to one side no responsible PM of any persuasion could play fast and loose with that. What would Brussels usefully do with the money that the UK will give away to them under the Franco Germanic proposal? To me, supporters of a Tobin tax or centralised EU variant don't see beyond a kind of retribution that they would like to impose on 'evil bankers'. The implications are beyond their intellect or mood, but that doesn't make it right or pay the bills. And if none of that floats your boat, wouldn't you just like to see the Kinnock's taken down a few million pegs? I think we need a Tobin tax but all revenues should go to HMRC. I also think we need to regulate effectively and apply what regulation we have correctly. In short protection of the City as it currently operates is not viable long-term. We need to restructure away from us. But yes I agree that short-term we are reliant on the revenues and need to protect that - which is why I've repeatedly said since yesterday that Cameron did the right thing. Link to comment Share on other sites More sharing options...
jez449 Posted December 10, 2011 Share Posted December 10, 2011 eh? Course I do. I'm just amused that alot of people who knock bankers have bank accounts. Link to comment Share on other sites More sharing options...
I1L2T3 Posted December 10, 2011 Share Posted December 10, 2011 I'm just amused that alot of people who knock bankers have bank accounts. Oh well. Don't laugh too hard. Your sides might split. Link to comment Share on other sites More sharing options...
jez449 Posted December 10, 2011 Share Posted December 10, 2011 Oh well. Don't laugh too hard. Your sides might split. Touched a nerve? Me think it will be the bankers who will be chuckling while spending their bonuses that you contribute to. :hihi: Sides still intact! Link to comment Share on other sites More sharing options...
I1L2T3 Posted December 10, 2011 Share Posted December 10, 2011 Touched a nerve? Me think it will be the bankers who will be chuckling while spending their bonuses that you contribute to. :hihi: Sides still intact! No nerves touched here but you might need to switch on your sarcasm detector. I just don't think docile acceptance of highly questionable banker behaviour should be a precondition for holding s current account. If you think that it's ok for it to continue and you're happy with your reward of a current account then good for you. Link to comment Share on other sites More sharing options...
jez449 Posted December 10, 2011 Share Posted December 10, 2011 No nerves touched here but you might need to switch on your sarcasm detector. I just don't think docile acceptance of highly questionable banker behaviour should be a precondition for holding s current account. If you think that it's ok for it to continue and you're happy with your reward of a current account then good for you. Oh, it was sarcasm, sorry. Thing is bankers can only carry out what you term 'questionable behaviour' if they have customers - every current account help them in their activities. Link to comment Share on other sites More sharing options...
I1L2T3 Posted December 10, 2011 Share Posted December 10, 2011 Oh, it was sarcasm, sorry. Thing is bankers can only carry out what you term 'questionable behaviour' if they have customers - every current account help them in their activities. That is just a myth. You're a little behind the curve. The Vickers report recommended split of retail and investment banking. The banks will be perfectly viable aftwerwards, just restructured and much safer places for ordinary bods to keep their money. Link to comment Share on other sites More sharing options...
andyofborg Posted December 10, 2011 Share Posted December 10, 2011 We've got a whole commonwealth we should be tapping into more seriously. the commonwealth are either our competitors or more broke than we are. i suppose we could start invading them then we could take over their industries and bring all the profits home but that might not go down too well.... Link to comment Share on other sites More sharing options...
truman Posted December 11, 2011 Share Posted December 11, 2011 the commonwealth are either our competitors or more broke than we are. ... No different to the EU then...? Link to comment Share on other sites More sharing options...
andyofborg Posted December 11, 2011 Share Posted December 11, 2011 Indeed, but that will still continue with a Tobin tax as well as the decimation of UK finance industry, which from memory represents about 15% of the UK economy. Putting any politics to one side no responsible PM of any persuasion could play fast and loose with that. i'm not sure it would be decimated, there are advantages to doing business in the city in regard to access to lawyers, accountants and other advisors and a number of american organisations set up here because they could do things legally here that they couldn't do anywhere else. there is also the fact that the entire political establishment is very friendly towards their schemes, something that isn't necessarily true elsewhere. there might well be a reduction, but i'm sure the city would soon pick up another stream of dodgy business. the great cash inflows which come with these transactions tends to hold up the price of sterling which makes is difficult for manufacturing. a reduction in financial transactions might result in a generally lower value of sterling which would give manufacturing a bit of a boost. people talk about rebalancing the economy, perhaps to do that we need to dismantle some of the financial services first to allow the space for everything else to grow. Link to comment Share on other sites More sharing options...
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