Topic: | Re:Mary McLeod | |
Posted by: | John Whitworth | |
Date/Time: | 11/05/15 20:13:00 |
DM > "Here's what [Gordon Brown] said in his 2006 Mansion House speech:" But what follows isn't quite what he said. Here is a more complete quote that gives context and restores removed content: "Mr Lord Mayor ten years ago there were nine separate regulatory bodies for financial services. To meet the challenge of global markets we created a single unified FSA. In 2003, just at the time of a previous Mansion House speech, the Worldcom accounting scandal broke. And I will be honest with you, many who advised me including not a few newspapers, favoured a regulatory crackdown. I believe that we were right not to go down that road which in the United States led to Sarbannes-Oxley, and we were right to build upon our light touch system through the leadership of Sir Callum McCarthy - fair, proportionate, predictable and increasingly risk based. I know Sir Callum is committed to reducing regulatory administrative burdens and the National Audit Office will now look at the efficiency and value for money of our system. Let me say I see no case for a European single regulator and will continue to reject such a proposal, just as we will resist the new and unnecessary proposals to harmonisation corporate taxation in Europe." - Gordon Brown, 21 June 2006: Mansion House speech Did the Conservative opposition disagree with this position of 'light touch' regulation? Here is what George Osborne had to say earlier in June 2006: "Second, we have to get regulation right - domestic and European. I have spoken to Sir Callum McCarthy and John Tiner about the work of the Financial Services Authority and I hope that dialogue continues. I want the FSA to be the model of a modern financial regulator - a beacon for the rest of the world. But many of the regulations that affect the City, such as the Markets in Financial Instruments Directive, originate with the European Commission. I fear that much of this regulation has been burdensome, complex and makes cross-border market penetration more difficult. This is exactly the wrong direction in which Europe should be heading and it threatens the global competitiveness of the City of London. Major companies can pack up and move anywhere in the world if faced with damaging regulations. We have already seen it happen in the United States, with the Sarbanes-Oxley regulations that were hastily introduced after the Enron scandal and which have led to international companies delisting and moving elsewhere. London has benefited enormously from America's short-sightedness and it would be foolish of us to make the same mistake." - George Osborne, 5 June 2006: Daily Telegraph column And here is David Cameron speaking on the following day: "Then the big bang of the 1980s removed a huge swathe of regulation that allowed the City to expand and removed restrictive practices." "You cannot simply set in stone a tax or regulatory regime for the City as it is today because it's always changing, adapting and mutating." "The lessons from the City are clear. Low tax. Low regulation. Meritocracy. Openness. Innovation. These are the keys to success." "The alternative is to build a flexible economy with low tax, light regulation and open markets." "Many on the left-of-centre still seek to solve problems through more taxes, more laws and more regulations... But we, on the centre-right, prefer to step out of the way of business. One of the greatest services that government can give to the economy is to know when to stand clear." - David Cameron, 22 June 2006: Euromoney Conference speech So, the Conservatives were certainly not calling for, nor would they have introduced, tighter regulation. In fact, from the quotes above I think it highly likely that they would have opposed it! |
Topic | Date Posted | Posted By |
Mary McLeod | 10/05/15 13:18:00 | David McLoughlin |
Re:Mary McLeod | 10/05/15 13:26:00 | Carl Wynne |
Re:Re:Mary McLeod | 10/05/15 13:37:00 | Julian Pavey |
Re:Re:Re:Mary McLeod (All the best, I'll miss you) | 10/05/15 13:47:00 | Alex Thomas |
Re:Mary McLeod | 10/05/15 13:51:00 | Vanessa Smith |
Re:Re:Mary McLeod | 10/05/15 13:56:00 | Alex Thomas |
Re:Re:Re:Mary McLeod | 10/05/15 14:29:00 | Nigel Brooks |
Re:Re:Re:Re:Mary McLeod | 10/05/15 14:38:00 | Rima Jones |
Re:Re:Re:Re:Mary McLeod | 10/05/15 14:40:00 | Alex Thomas |
Re:Re:Re:Re:Re:Mary McLeod | 10/05/15 21:37:00 | Steve Taylor |
Re:Re:Re:Re:Re:Re:Mary McLeod | 10/05/15 22:24:00 | Rima Jones |
Re:Re:Re:Re:Re:Re:Re:Mary McLeod | 10/05/15 22:59:00 | Iain Muir |
Re:Mary McLeod | 10/05/15 23:34:00 | R Atterwill |
Re:Re:Mary McLeod | 11/05/15 00:25:00 | Beryl Wall |
Re:Re:Re:Mary McLeod | 11/05/15 00:46:00 | Julian Pavey |
Re:Re:Re:Re:Mary McLeod | 11/05/15 01:02:00 | Beryl Wall |
Re:Re:Re:Re:Mary McLeod | 11/05/15 01:05:00 | Alex Thomas |
Re:Re:Re:Re:Re:Mary McLeod | 11/05/15 01:15:00 | Julian Pavey |
Re:Re:Re:Re:Re:Re:Mary McLeod | 11/05/15 01:26:00 | Beryl Wall |
Re:Re:Re:Re:Re:Re:Re:Mary McLeod | 11/05/15 01:54:00 | Julian Pavey |
Re:Re:Re:Re:Re:Re:Re:Mary McLeod | 11/05/15 07:44:00 | Dan Murphy |
Re:Re:Re:Re:Re:Re:Re:Re:Mary McLeod | 11/05/15 08:00:00 | Steve Taylor |
Re:Re:Re:Re:Re:Re:Re:Re:Re:Mary McLeod | 11/05/15 08:09:00 | Loraine Pemberton |
Re:Re:Mary McLeod | 11/05/15 08:22:00 | Loraine Pemberton |
Re:Re:Re:Mary McLeod | 11/05/15 08:27:00 | R Atterwill |
Re:Re:Re:Re:Mary McLeod | 11/05/15 13:56:00 | Steve Taylor |
Re:Re:Re:Re:Re:Mary McLeod | 11/05/15 17:03:00 | Sam Hearn |
Re:Re:Re:Re:Re:Re:Mary McLeod | 11/05/15 18:30:00 | Steve Taylor |
Re:Mary McLeod | 11/05/15 20:13:00 | John Whitworth |
Thank you to Mary Macleod | 11/05/15 23:26:00 | David Giles |
Re:Thank you to Mary Macleod | 12/05/15 10:38:00 | David McLoughlin |
Re:Re:Thank you to Mary Macleod | 12/05/15 11:23:00 | Lou Valdini |
Re:Re:Re:Thank you to Mary Macleod | 12/05/15 11:32:00 | Claire Moran |
Re:Re:Re:Re:Thank you to Mary Macleod | 12/05/15 11:38:00 | Colin Jordan |
Re:Re:Re:Re:Re:Thank you to Mary Macleod | 12/05/15 11:49:00 | Jenn Irvine |
Re:Re:Re:Re:Re:Re:Thank you to Mary Macleod | 12/05/15 14:46:00 | Steve Taylor |
Re:Re:Re:Re:Re:Re:Re:Thank you to Mary Macleod | 12/05/15 15:13:00 | Rima Jones |
Re:Re:Re:Re:Re:Re:Re:Re:Thank you to Mary Macleod | 12/05/15 15:14:00 | Rima Jones |
Re:Re:Re:Re:Re:Re:Re:Re:Re:Thank you to Mary Macleod | 12/05/15 17:17:00 | Nick Jenkins |
Re:Re:Re:Re:Re:Re:Re:Thank you to Mary Macleod | 12/05/15 17:49:00 | Pete Mayes |
Re:Re:Re:Re:Re:Re:Re:Re:Thank you to Mary Macleod | 12/05/15 18:21:00 | Steve Taylor |
Re:Re:Re:Re:Re:Re:Re:Re:Re:Thank you to Mary Macleod | 12/05/15 18:31:00 | Pete Mayes |
Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Thank you to Mary Macleod | 12/05/15 18:33:00 | Pete Mayes |
Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Thank you to Mary Macleod | 12/05/15 20:59:00 | Angus McPhail |
Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Thank you to Mary Macleod | 12/05/15 21:13:00 | Pete Mayes |
Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Thank you to Mary Macleod | 12/05/15 23:00:00 | Angus McPhail |
Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Thank you to Mary Macleod | 12/05/15 23:20:00 | Pete Mayes |
Re:Mary McLeod | 13/05/15 00:58:00 | Pamela Mayorcas |
Re:Re:Mary McLeod | 13/05/15 06:43:00 | Steve Taylor |
Re:Re:Re:Mary McLeod | 13/05/15 09:15:00 | Rima Jones |
Re:Mary McLeod | 13/05/15 09:27:00 | Charlotte Kasner |
Re:Re:Mary McLeod and Ruth Cadbury | 14/05/15 07:56:00 | David Giles |