Tag Archives: David Cameron

Recognising the Benefit to Britain of European Union membership

First it was Tory Grandee and former Foreign Secretary Geoffrey Howe. He was  closely followed by leading business figures including Richard Branson and Martin Sorrell. The voice of reason on the European Union is at last being heard, emerging from the muffled clouds where it has hidden for so long while the sceptics gained ground.

The EU question is far bigger than David Cameron, and it’s unfortunate if predictable that our hapless Prime Minister David Cameron has become the centre of the story. Lord Howe was, of course, preceded by Nigel Lawson, another grandee from a past age, whose comments were, of course, diametrically opposed to Lord Howe. Meanwhile Cabinet Ministers Michael Gove and Philip Hammond pursue their own ambition. The Tories are indeed aping the Labour Party of the 1980s; we have even seen similar insults, swivel- eyed loons being the most public, being thrown around in 1980s Labour fashion.

Labour too was anti-Europe, opposing the Common Market as it was known during the 80s. It is certainly convenient to centre discontent on the EU, an often opaque organisation whose many good points are obscured by certain rabidly Eurosceptic British newspapers.

 The tragedy of reducing the European Union to a political party squabble, admittedly a large one, is that is obscures what is really at stake. Geoffrey Howe was absolutely right to draw attention to the fact that the UK is unlikely to hold anything like the position of power to which it aspires without the vehicle of the EU, unless the country was to join the United States, stating, “Leaving the union would, by contrast in my view, be a tragic expression of our shrinking influence and role in the world – and the humbling of our ambitions, already sorely tested by the current crisis, to remain a serious political or economic player on the global stage.”

Most of us in the UK do not take easily to the idea that Britain can no longer go it alone. I, along with millions of others, attended primary school in the late 1950s and early 1960s when much of the world map was still pink, a constant reminder of the empire on which the sun never sets. I too love England’s green and pleasant land, often spending time with my family in the Gloucestershire countryside. And to add icing to the cake, I also truly believe London is the greatest city in the world (and I’ve seen a few others in my time).

We must not let such sentimentality cloud our judgement. Britain is no longer the world leader. The inevitable shifts in global power to the United States of America and now China, India and possibly Brazil and other South American countries have ended British dominance. Though still near the top, we are no longer “it”. Britain therefore has to make painful adjustments.

Many of us thought such adjustments were well under way when we joined the EU in 1973, 40 years ago. Yet this appears not to be the case. Certain backwards-looking elements particularly in the Conservative Party have continued the anti-EU fight, gaining ground as the benefits of EU membership have been progressively downplayed.

Yet those benefits are essential for our very well being. The seat at the top table is hugely important. As a nation used to international influence and respect, Britain has much to offer in terms of long experience and extensive knowledge of defence and diplomacy. To be cut ourselves off from a meaningful role on the international stage would be sheer folly. To remain at the top table Britain must accept that the only realistic choice is to do this as a member of the European Union. We should also remember that neither Norway nor Switzerland, those two countries held up as examples of survival outside the European Union, has any real power in the world.

There are also massive economic benefits from European Union membership. The EU is the UK’s biggest trading partner. Everyone, most Eurosceptics included, agree that the EU internal market matters to the UK as the majority of our exports go to the single market. Leaving the EU would mean throwing away this trading advantage, which is obviously the main reason prominent business leaders want to stay in the EU. Make no mistake, if we left the EU we would not be able to stay in the single market. It really is all or nothing. The kind of cherry-picking talked about by some Eurosceptics is quite simply not on the table.

The reality is that Britain is in the EU. We have been there for 40 years and it’s our only viable future. The British people have no choice but to move forward and embrace the European Union. There is quite simply no alternative.

1 Comment

Filed under Labour Party

Honeyball’s Weekly Round-Up

The BBC’s Europe editor, Gavin Hewitt, wrote, over the weekend, of David Cameron’s predicament if he were to win the 2015 election, when he will attempt to renegotiate the terms of the UK’s membership with the EU. “It will be”, writes Hewett, “a long, tortuous process, strewn with potential difficulties.”

Hewitt explains that not only will nothing happen swiftly but if the UK did not get concessions it seeks it could potentially block further treaty change. However, Hewitt says, “it would make Britain extremely unpopular. As far as Berlin is concerned that would be the unforgivable sin.” You can read more of Hewett’s article here. The potential damaging effects are clear and Hewitt is aboslutely right, moves like this would simply ostracise the UK’s position in Europe.

Meanwhile, Lord Howe accused David Cameron of running scared of his backbenchers and endangering Britain’s future in Europe. He voiced concern in a strongly worded intervention of his own party’s position on Europe, in an article he penned for the Observer this weekend.

He writes that  Cameron has opened a ‘Pandora’s box’ by opposing the current terms of the UK’s membership of the European Union and now appears to be losing control of his party.  Lord Howe claims that the question of Europe “has turned an internal Tory problem into a national one.”

He claims the debate within the party on Europe is farcical and warns that Labour and the Liberal Democrats may need to bear the burden of retrieving the situation.

He says the the party is  now out of control, lamenting: “Sadly, by making it clear in January that he opposes the current terms of UK membership of the EU, the prime minister has opened a Pandora’s box politically and seems to be losing control of his party in the process.”

He writes that the UK cannot possibly believe it will hold anything like the position of power to which it aspires without the vehicle of the EU, unless the country was to join the United States. “Leaving the union would, by contrast in my view, be a tragic expression of our shrinking influence and role in the world – and the humbling of our ambitions, already sorely tested by the current crisis, to remain a serious political or economic player on the global stage.”

He suggests this is a “very dangerous choice indeed” and reminds us that Britons have hugely benefited from greater competition, lower prices and wider choice, due to membership of the EU.It’s a strong article and sets out an allternative argument very well. You can read his article in full here.

It isn’t just politicians debating the hopeless position the Tory party is creating on the issue of Europe but business leaders have written a strongly worded open letter accusing Cameron of putting “putting politics before economics”, business leaders have said.

In a letter to the Independent, figures from BT, Shell, Lloyds Banking Group and Deloitte, estimated membership was worth up to £92bn a year to Britain.

The letter says: “We should promote the cause of EU membership as well as defend our position” and said: “The economic case to stay in the EU is overwhelming,” they wrote.

The letter’s signatories included the current and next presidents of the Confederation of British Industry, the chairmen of BT, Deloitte, Lloyds and Centrica, and Virgin Group boss Sir Richard Branson.  You can read the letter here, along with a full list of signatories.

Leave a Comment

Filed under Labour Party

David Cameron should listen to his voters

Yesterday’s blog showed how out of touch those Tories obsessed with withdrawal from the European Union are compared with the majority of British voters.

Today I came across this piece on Guardian Comment is Free. Talking about support for the EU among young people, the article’s author Selina Nwulu could have read my mind.

Selina tells us that a recent report from the Fabian Society shows that the majority of the 18- to 34-year-olds surveyed claimed they would vote yes to EU membership in a referendum. The report revealed that  most young people, despite economic instability and the burgeoning Eurozone crisis, still feel positive about the UK’s involvement within the EU.

I totally agree with Selina’s conclusion that there is a discrepancy between UKIP’s and the Tories’ anti-Europe rhetoric and the views of the pro-European majority among the younger UK generation. As politicians we should never dismiss young people’s views simply because they are less likely to vote than the older members of our society. Their voice is valuable and deserves to be both heard and acted on.

Selina also make a very good point when she asks that given the fact that many young people in the UK are currently facing limited opportunities, why is shrinking them further by UK withdrawal being discussed?

She goes on to say, “As youth unemployment rises and hideous terms like, “benefit scrounger” and “Neet” bounce around current day vernacular, youth engagement within the EU presents a mass of opportunity. EU schemes such as the Leonardo Da Vinci programme and the European Voluntary Service allow young people to work and live abroad as well as encouraging young people from disadvantaged backgrounds to apply. It’s crucial that the chances for young people are widened, not limited.”

Selina ends her article by saying it’s time the David Cameron and his Tory MPs listened. While there are those who feel overburdened by EU regulation, there are also many people who have benefitted from the EU in various ways – the educational programmes Selina mentions, the EU structural funds, grants to creative industries, equalities legislation and environmental protection, to name but a few.

 

Leave a Comment

Filed under Labour Party

Cameron is again putting party before country

There is a wise adage in politics that leaders, representatives and their parties should listen and respond to the questions the people, their electorate, are asking rather than matters which endlessly fascinate professional politicos but leave virtually everybody else (99.999 per cent of the population) cold.

Enter the torrid and seemingly endless Tory debate on Europe. Begun in earnest under Margaret Thatcher in the 1980s, the Conservatives remain in utter disarray over whether or not Britain should remain in the European Union. As Janan Ganesh  of the Financial Times succintly put it, the Tory Party is suffering from “a single-issue neuralgia that knows no equivalent in any major party in the west”.

And nobody except professional politicians actually cares. Opinion polls consistently show that whether or not Britain remains a member of the European Union is not central to people’s lives. According to YouGov they are far more concerned about jobs and prices, schools and hospitals. Although it pains me as an MEP to say it, EU membership is little more than peripheral in terms of voters’ priorities.

All of which leads to the inevitable conclusion that those Tories who fight in such a relentless and unremitting way to get Britain out of the European Union are not answering any question asked by those who voted for them. Instead they are reinforcing their own strange view of the world whereby the EU is seen as the source of almost all that is wrong with Britain and we would all be massively better off without johnny foreigner telling us what to do.

This could be understood and forgiven if it were just a few misguided backbenchers banging the drum. While this may have been the case prior to William Hague’s disastrous four years as Conservative leader from 1997 to 2001, the Tory tide most definitely turned during the first years of the 1997 Labour Government. Local Conservative Associations selected ever more anti-EU candidates while those already in Parliament gained ground. The only comparable episode in recent British politics was the Labour Party during the 1980s when Labour lurched to the left espousing causes such a unilateral nuclear disarmament which the majority of the British people did not want.

Yet the Tories in 2013 are very different position on EU membership. While Labour was in opposition in 1983 when the party wrote “the longest suicide note in history”, the Conservatives are in government, albeit in a coalition, the other part of which, incidentally, does not share their EU phobia. It’s one thing not to listen to the people when the only damage will be that the opposition party does not get elected. It’s quite another not to listen when in government and the party can make a difference to people’s lives.

David Cameron’s unseemly haste to publish the EU Referendum Bill surely indicates that he, the Prime Minister, is not listening to the people. Instead he is putting what he perceives as his Party’s interest first, both internal – pacifying his rabid Eurosceptic backbenchers and external – doing something about UKIP. Cameron is running scared yet in incapable of showing leadership. He appears more like a headless chicken in a mire-filled farmyard than the world statesman he wanted to present during his visit to the United States and meeting with President Obama.

Tragically for David Cameron his strategy of appeasement – appease UKIP and they will not take any more Tory votes and appease the anti-EU backbenchers so that they will pipe down – is patently not working. He is our Prime Minister and as such he would do well to learn basic lessons. Appeasement does not work. Cameron should listen to the people rather than try and maintain an impossible position on something a large majority of the population does not rate as a priority.

3 Comments

Filed under Labour Party

Lawson’s tragedy is to be the next in line to try and out-UKIP UKIP

Now that UKIP looks like the protest party of choice, the anti-EU bandwagon is predictably growing apace.

The Tory knee-jerk reaction to UKIP’s gains makes interesting viewing for those of us not directly in the firing line. With 60% of UKIP’s local election support coming from ex-Tory voters and only 7% ex-Labour, according to ex-MP and electoral reform campaigner Martin Linton, it’s the Conservatives who should be (and clearly are) truly worried.    

Hence the intervention in today’s Times by Nigel Lawson, Margaret Thatcher’s Chancellor for six years and a Tory grandee of considerable standing. In common with most of the Conservatives who have spoken out in the UKIP debate, Lawson has decided he doesn’t like the EU. Maybe this is just the prevailing fashion in Tory circles, maybe these anti-EU Conservatives really believe the way to tackle Farage etc is to fight UKIP on their own territory by being more UKIP than UKIP.

The Tories are clearly running scared. Flawed logic, in this instance, the way to combat UKIP is to provide a Tory version of more of the same, is often a response to such fear. The Tories now have it in spades. They didn’t win the 2010 general election and they are now very firmly on course to fail again in 2015.  

 I think it’s rather sad that Lord Lawson has joined the anti-EU cheerleaders, not least because his main arguments are nonsense. Lawson “strongly” suspects there would be a “positive economic advantage to the UK in leaving the single market”, claiming you do not have to be in the single market to export to the European Union. Lawson strategically omits to say that the EU single market helps to bring down barriers, create more jobs and increase overall prosperity in the EU.  It’s also worth noting that he was Chancellor of the Exchequer when the UK signed up to the Single European Act in 1986.

Predictably Lawson also claimed that withdrawing from the EU would save the City of London from a “frenzy of regulatory activism”. It is really quite extraordinary how Tories defend bankers and by definition the huge bonuses which have done so much harm to the financial industry. The main reason they object to EU regulations is that it will hit the bankers where it really hurts – in their pockets.

The noble lord is, however, right on one matter, namely that any repatriation of powers secured by David Cameron will be inconsequential. He can at least see that clearly.

The answer is not to withdraw from the EU all together, as Tories scared of UKIP and, of course, UKIP themselves maintain. That would be madness, a huge national fit of pique cutting off a very large nose to spite a face not yet out of joint. The UK would lose the valuable and irreplaceable European single market and we would no longer be part of cross border initiatives to cut crime and improve the environment, to name but two major areas where EU action is very beneficial.

The answer is to get fully stuck in and reform the EU from within, not by attempting to repatriate powers in the teeth of opposition from nearly all the other member states, but by playing a constructive and active role at the top table. The huge waste that is the Strasbourg seat of the European Parliament would be a good place to start followed by a concerted effort on the Common Agricultural Policy where the latest round of reform has failed to deliver anything very meaningful. There is much to do. It’s just a huge shame that Prime Minister Cameron is so involved in batting off his own backbenchers that he can’t see the wood for the trees, let alone act in a responsible and statesmanlike fashion.

Leave a Comment

Filed under Labour Party

Tory MEPs defy Cameron on EU carbon market vote

Yesterday in a tight vote in the full session of the European Parliament in Strasbourg, most Tory MEPs chose to vote with climate sceptics , thereby going against their own government.  The cost of carbon trading permits in Europe’s emissions trading scheme (ETS) has sunk due to the economic crisis. Yesterday’s vote was intended to allow the release of fewer permits for auction in the short-term to try to get the price back up again.

By voting against this important element in both British Government and EU climate policy, Tory MEPs put their fanatical euro-scepticism ahead of British jobs and our environment. All three Conservative MEPs for London, Marina Yannakoudakis, Charles Tannock and Syed Kamall, voted with the climate change sceptics against the UK’s best interests. Amazingly, Tory MEPs ignored the strong views expressed by their own Ministers in London.

It is now confirmed that Members of the European Parliament voted 334-315 against the measure.  After the vote, the EU carbon price immediately fell 44 percent to a new record low of 2.63 euros a tonne.

My colleague Linda McAvan who leads for the Socialist and Democrat Group on climate change described the vote in the European Parliament as ”a catastrophe for the environment,” adding “”The UK carbon floor price for the power sector came into force at the beginning of this month, so UK electricity providers are currently paying an extra £4.94 per tonne of carbon they emit. This is more than double the current ETS price for carbon, and it’s set to rise to five times the projected ETS price by 2015.”

 Even as former Tory Ministers who worked closely with Mrs Thatcher said publicly that she was the first head of government to recognise the science of climate change and would have warmly welcomed the free market solution offered by the EU’s emissions trading scheme (ETS), Tory MEPs blithely voted not to support the pan-European solution. It’s yet another case of the coalition setting themselves up as the ‘greenest government ever’ while their MEPs in Brussels vote against environmental measures.

Not only have the Tories snubbed their own leader, but they’ve also dismissed the views of a huge range of experts and businesses who believed this change would have been good for the environment, the consumer and industry.  Those who supported the proposal included the CBI, Shell, Philips, Tesco, Unilever, Kingfisher, Johnson & Johnson, SSE, E.ON, UKEnergy, UK Green Building Council and the UK Corporate Leaders Group.

Sadly, their efforts fell on deaf ears as the Tory MEPs sided unscientific climate change deniers in the face of reasonable arguments from all sides.

1 Comment

Filed under Labour Party

Honeyball’s Weekly Round-Up

Stars of the theatre penned an open letter to culture minister, Ed Vaizey, last week following the publication of a report which revealed what damaging cuts are doing to British theatre. They urged him to “take seriously” the damage these cuts are causing to London’s important theatre heritage.

They said, and I agree, that new playwrights must be supported, nurtured and taken seriously; if they aren’t then British output will undoubtedly suffer in a short period of time.

The letter was in response to a report called In Battalions, published in February which showed how that theatre and the arts have been hurt by aggressive cuts as well as local authority arts grants which have also been cut.

Vaizey said he had no immediate comment. He will, he promised, respond formally. You can read more on this here.

David Cameron and his family visited Angela Merkel last weekend at the German Chancellor’s guest residence, Schloss Meseberg.

They discussed the need for reform of the single market and both reportedly called for, “urgent action to make the European Union more competitive and flexible.” Downing Street reported that Cameron set out his plans for the future with Europe, yet there was no indication how this was received. It’s well documented that she is concerned about his plans for a referendum, but we have no firm knowledge of how this part of the discussion progressed.

What remains clear is that the German Chancellor is anxious that the UK remains at the heart of Europe. Merkel also urged Cameron to tackle tax evasion and tax avoidance schemes and the two agreed to show ‘global leadership’ on the issue.  Read in full here.

Timed to coincide with Cameron’s visit, the euro sceptics in the Conservative party said they would be open to compromise on reforms, said leading member of the Fresh Start Campaign, Andrea Leadsom MP. Leadsom changed her tone somewhat from earlier statements and has toned down her firm stance. Still the headache for Cameron remains and he’s yet to heal the rift within his own party on the issue of Europe. You can read more on this here.

“I’m lucky to be alive” said Andrew Marr as he made his first appearance back on his own show since his stroke four months ago. He received many good wishes following his short appearance in which he explained he is still undergoing rigorous physiotherapy treatment and he will return to our screens in the near future. I would also like to wish him well and look forward to seeing him returning to our screens shortly. You can see his short interview here.

Leave a Comment

Filed under Labour Party

Repatriation of powers really is smoke and mirrors

France and Germany have refused to participate in Prime Minister David Cameron’s much-vaunted examination of whether some EU powers should be returned to member states.

Reported in the Financial Times on 2 April, this extremely significant development has unfortunately received little attention in the British media. Since the story broke before the Thatcher demise, there was no excuse for ignoring such important news.

David Cameron’s flagship policy is now in tatters, as predicted many times on this blog. I first mentioned the impossibility of repatriation of powers as long ago as March 2010, before Cameron achieved the highest office. It was blindingly obvious to those of us engaged in European politics that there would never be the agreement required from the 26 other EU member states for repatriation to happen.

According to the FT, Paris and Berlin consulted with one another before concluding that the exercise known as the “balance of competences” was about serving Britain’s domestic political interests and not an EU issue as such. The two countries took this view even though the British government sent letters to each of the 26 other EU countries explaining the approach would be even-handed.

Cameron, of course, wants to use the results of the balance of competences review to renegotiate the terms of Britain’s membership of the European Union. Now that France and Germany have refused to participate in Cameron’s little scheme, renegotiation looks less and less likely. The Franco-German axis seems to be at one on this. The previous position where Hollande was against what he called “cherry picking” , (ie the UK keeping what it wanted such as the single market while opting out of European social legislation) while Merkel seemed to be more sympathetic to the UK position has obviously hardened into that of opposition to Cameron’s impossible policy.

Indeed, the FT was quite clear that most EU governments have indicated extreme reluctance to re-open the EU treaties. It is, moreover, unclear whether Cameron has enough political sympathy among his EU partners to engineer a one-off deal for Britain.

So it’s all ending in tears for Cameron and his side-kick William Hague. Fortunately for Mr Cameron and the Con-Dem government the end of one of the major promises in the Conservative manifesto for the 2010 general election has gone virtually unnoticed. Shame on all those who seek to cover up Tory incompetence and their lack of understanding on EU and international matters.

2 Comments

Filed under Labour Party

Honeyball’s Weekly Round-Up

David Cameron’s ‘grand plan’ to win back powers from the European Union was back in the headlines yesterday, with an in-depth article by Toby Helm, who suggested Cameron’s ‘winning’ plan had been thrown into doubt after ‘heavy weight’ countries like Germany said it would prefer to solve the euro zones problem without a European Treaty.

Cameron had pledged to renegotiate UK membership before calling an in/out referendum in 2017, as you will remember; but both Germany and France have said they would be against opening up the rulebook, and especially within the times scale outline by Cameron.

In a blow to the prime minister, who has pledged to renegotiate UK membership before calling an in/out referendum in 2017, both Germany and France are now coming out against opening up the EU rulebook again in the timescale envisaged by Cameron.

Clearly the two countries are frustrated by Cameron’s approach and have, in Helm’s words, ‘snubbed’ an offer to participate in an exchange of views with the foreign office on whether some EU powers should be returned to member states as part of a ‘review of competencies’-it emerged last week.

In addition to being complex and short sighted, it is now emerging-hardly surprisingly-that Cameron is likely to get very little support when he starts his next round of renegotiation rhetoric. You can read the article by Toby Helm in full, here.

Meanwhile, a couple of Saturdays ago Andrew Grice travelled with Labour leader Ed Miliband to Carlisle, where he observed a steady flow of passengers stop the Labour leader mid conversation with Grice in order to meet him. So struck by the general interest they had in him, Grice even pondered that these people had been planted by the party! They had not of course, but were genuinely interested in Miliband who sat in second class with other passengers.

Writes Grice, “They were genuinely interested in this politician in crowded standard class; some passengers even noted the contrast with George Osborne, whose staff had a well-publicised spat with a ticket inspector when he sat in first.

“A steady stream of passengers wanted their picture taken with the Labour leader on their phones – and of him with their children.

“Mr Miliband gave everyone time, even though he had work to do. I wondered if it was all an act but, as our three-hour journey to Carlisle progressed, it was clear that he really does like meeting people far from the Westminster bubble.”

This was a great few paragraphs, truly capturing a man who is on a mission to reach out to the public and to regain their trust. Miliband also described that the mission for Labour now is to ‘deliver real change.

 “There is a quiet revolution happening in the Labour Party. It is no longer about approving the minutes of the last meeting, or delivering leaflets. It is about delivering real change on the doorstep,” he said.

It was an intriguing insight into the Labour leader, capturing moments that many would overlook, but it’s small things such as taking time to speak to people-rather than paying them lip service that makes a real difference.

You can read the interview in full here.

As Miliband travelled up to Carlisle, so David Cameron rewarded his rich backers with a generous cut in their tax bills.

Vincent Moss covered this yesterday and said: “Three of the PM’s wealthiest cronies will have their tax bills cut by £500,000 a year, while ­millions of ordinary people endure a ­crippling benefits squeeze.”

You can read the full extent of their estimated savings here.

1 Comment

Filed under Labour Party

Honeyball’s Weekly Round-Up

This has been a bad week for George Osborne with attacks on his austerity measures coming from all sides. It has become clear that a majority of people believe that government’s economic policies are damaging the economy rather than helping, a new poll reveals, as the coalition government begins an internal war over how to stimulate growth.

George Osborne has ten days until he delivers his crucial fourth budget, and an Opinion/Observer poll shows almost three times as many voters (58%) believe the austerity drive is harming the economy as those who think it is working (20%).

The findings will add to pressure on Osborne to change course as the UK hovers on the brink of a triple-dip recession. Given Osborne’s form when it comes to changing his mind in the face of overwhelming evidence, I don’t have much hope that he’ll do what needs to be done.

The independent Office for Budget Responsibility rebutted claims by the prime minister that the government’s deficit-cutting strategy was not responsible for choking off growth, stating that austerity had knocked 1.4% off GDP in the past two years.

In the first two years of the coalition, most polls showed solid support for the government’s hard line on the spending cuts, though the Tory lead over Labour on economic competence has narrowed in recent weeks.

The stark poll findings come as home secretary Theresa May appeared to make a pitch for the leadership of the Tory party, arguing in a speech to a ConservativeHome conference that the Tories must govern for the whole country, not just sectional interests. May said: “We’re at our strongest when anyone and everyone can feel that the Conservative party is for them.” The speech, resembling a leader’s party conference delivery in its scope and tone, was seen as an attempt to raise her profile at a time when many Tories are losing faith in Cameron’s ability to remain as leader beyond the next election.

On top of this, a key plank of the chancellor’s plans to reform Britain’s banks in the wake of the financial crisis and the Libor rate-fixing scandal is “wholly inadequate”, MPs have warned as they reopened the debate on breaking up the banks.

The parliamentary commission on banking standards said the government’s proposal for the regulator, the Financial Policy Committee (FPC), to review the strength of the ringfence between high street and riskier investment banks was little more than the regulator “marking its own examination paper”. It said the government should include a specific provision to consider a full, industry-wide split-up of the banks if the ringfence was judged to be failing.

So the Tories look like they are singularly failing to do anything right when it comes to the economy.  And with senior Conservatives stepping forward with not so subtle hints that they might challenge Cameron for the leadership, we might be on the brink of political civil war, where the only real losers will be the British public.

Leave a Comment

Filed under Labour Party