Forum Message

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!

Entire Thread
TopicDate PostedPosted By
Mary McLeod10/05/15 13:18:00 David McLoughlin
   Re:Mary McLeod10/05/15 13:26:00 Carl Wynne
      Re:Re:Mary McLeod10/05/15 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 McLeod10/05/15 13:51:00 Vanessa Smith
      Re:Re:Mary McLeod10/05/15 13:56:00 Alex Thomas
         Re:Re:Re:Mary McLeod10/05/15 14:29:00 Nigel Brooks
            Re:Re:Re:Re:Mary McLeod10/05/15 14:38:00 Rima Jones
            Re:Re:Re:Re:Mary McLeod10/05/15 14:40:00 Alex Thomas
               Re:Re:Re:Re:Re:Mary McLeod10/05/15 21:37:00 Steve Taylor
                  Re:Re:Re:Re:Re:Re:Mary McLeod10/05/15 22:24:00 Rima Jones
                     Re:Re:Re:Re:Re:Re:Re:Mary McLeod10/05/15 22:59:00 Iain Muir
   Re:Mary McLeod10/05/15 23:34:00 R Atterwill
      Re:Re:Mary McLeod11/05/15 00:25:00 Beryl Wall
         Re:Re:Re:Mary McLeod11/05/15 00:46:00 Julian Pavey
            Re:Re:Re:Re:Mary McLeod11/05/15 01:02:00 Beryl Wall
            Re:Re:Re:Re:Mary McLeod11/05/15 01:05:00 Alex Thomas
               Re:Re:Re:Re:Re:Mary McLeod11/05/15 01:15:00 Julian Pavey
                  Re:Re:Re:Re:Re:Re:Mary McLeod11/05/15 01:26:00 Beryl Wall
                     Re:Re:Re:Re:Re:Re:Re:Mary McLeod11/05/15 01:54:00 Julian Pavey
                     Re:Re:Re:Re:Re:Re:Re:Mary McLeod11/05/15 07:44:00 Dan Murphy
                        Re:Re:Re:Re:Re:Re:Re:Re:Mary McLeod11/05/15 08:00:00 Steve Taylor
                           Re:Re:Re:Re:Re:Re:Re:Re:Re:Mary McLeod11/05/15 08:09:00 Loraine Pemberton
                              Re:Re:Mary McLeod11/05/15 08:22:00 Loraine Pemberton
                                 Re:Re:Re:Mary McLeod11/05/15 08:27:00 R Atterwill
                                    Re:Re:Re:Re:Mary McLeod11/05/15 13:56:00 Steve Taylor
                                       Re:Re:Re:Re:Re:Mary McLeod11/05/15 17:03:00 Sam Hearn
                                          Re:Re:Re:Re:Re:Re:Mary McLeod11/05/15 18:30:00 Steve Taylor
                        Re:Mary McLeod11/05/15 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 McLeod13/05/15 00:58:00 Pamela Mayorcas
      Re:Re:Mary McLeod13/05/15 06:43:00 Steve Taylor
         Re:Re:Re:Mary McLeod13/05/15 09:15:00 Rima Jones
   Re:Mary McLeod13/05/15 09:27:00 Charlotte Kasner
      Re:Re:Mary McLeod and Ruth Cadbury14/05/15 07:56:00 David Giles

Forum Home