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Topic: Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown
Posted by: Fraser Pearce
Date/Time: 27/10/09 16:39:00

“I tend to find it highly contemptable that you can blame the current world economic situation on the UK government.”

- He isn’t.
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“The first first cause is the global banking system, second is the lack of non consumer regulation in the UK, this was set up in the 80s and was allowed to continue to the present day. The Conservatives promoted this, Labour embraced it and allowed it to happen  and the UK banking system, or at least some parts of it, milked it for all it's worth - and still do.”

- You seem to be confusing deregulation with non-regulation.

The current UK regulator is the Financial Services Authority. It was created by the Financial Services and Markets Act 2000, as part of the UK’s attempt to align UK and EU law.

As such, the Bank of England’s analytical approach to regulation was replaced by the FSA’s layers of process, themselves based on inflexible and complex regulations in keeping with the EU’s Financial Services Action Plan.

This was why, despite being given regulatory powers far beyond the Bank of England’s, the FSA still failed – it didn’t try to understand what did and didn’t work but instead relied on bureaucracy and process to do the job.

This prompted massive regulatory failure that was exploited by risk-taking FSIs.

The Conservatives did not “promote this” failure nor was the primary cause of this failure in the UK – the FSA - “set up in the 80s”.

We’ll never know whether the Tories would’ve done anything different had they been in power at the millennium. Then again, they weren’t the ones in power then, were they?
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“As the old saying goes, no one believes they are the bad guy.”

- Absolutely, although this applies as much to the regulators and government as it does to ‘the bankers’. The bankers, however, ain’t the ones running the official enquiries.
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“There are ways we could have reduced the impact of course - but do the voters of Britain want us to become closer intergrated with Europe and, eventually, Asia?”

- You seem to be advocating membership of the European Economic Area without even realising.

It’s the UK’s closer integration with ‘Europe’ that precipitated Britain’ regulatory failure to begin with.

The UK replaced the UK-specific regulation of the Bank of England with the ‘one size fits all’ framework of the EU - which was designed to apply to 27 countries, none of whom had a financial services sector as big, broad or deep as the UK’s.

Furthermore, with EU membership, it’s either/or. You can’t be in the EU and “eventually” have something remotely similar with Asia.

...That’s why the EU’s a customs union, not a free trade area.
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“You could blame Labour for the current economic situation but I think you'd be missing the point by several miles.”

- True, from a global perspective. Any idea why the UK is in considerably worse a situation than most of its peers though?


Entire Thread
TopicDate PostedPosted By
The Real Big Story : UK Economy continues to shrink under Gordon Brown23/10/09 16:41:00 David Giles
   Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown23/10/09 16:53:00 Alastair Banton
      Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown23/10/09 17:36:00 Susan Kelly
         Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown27/10/09 10:43:00 David Giles
            Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown27/10/09 13:15:00 Malcolm Peltu
            Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown27/10/09 14:39:00 Stewart Dean
               Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown27/10/09 16:39:00 Fraser Pearce
                  Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown27/10/09 17:21:00 David Giles
                     Re:Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown27/10/09 22:01:00 Guy Lambert
                        Re:Re:Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown28/10/09 13:45:00 David Giles
                           Re:Re:Re:Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown28/10/09 17:26:00 Stewart Dean
                              Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown28/10/09 18:14:00 David Giles
                     Re:Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown27/10/09 23:36:00 Stewart Dean
                  Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown27/10/09 23:26:00 Stewart Dean
                     Re:Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown28/10/09 18:23:00 Fraser Pearce
                        Re:Re:Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown28/10/09 18:35:00 Fraser Pearce
                           Re:Re:Re:Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown28/10/09 19:07:00 David Giles
                              Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown28/10/09 19:33:00 Guy Lambert
                                 Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown28/10/09 19:43:00 David Giles
                                    Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown29/10/09 09:33:00 Fraser Pearce
                                       Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown29/10/09 11:41:00 David Giles
                                          Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gord29/10/09 12:33:00 Colin Murphy
                                             Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gord29/10/09 12:35:00 Matthew Varey
                                                Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gord29/10/09 15:48:00 E Yarrow
                                                   Public Sector Pensions Defecit of £1.2 trillion adds to Britain's Debt Crisis29/10/09 16:01:00 David Giles
                        Re:Re:Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown29/10/09 20:52:00 William Beausire
                           Re:Re:Re:Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown29/10/09 23:51:00 Fraser Pearce
                              Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown30/10/09 09:46:00 Todd Richard Feely
                                 Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown30/10/09 16:32:00 David Giles
                                    The Nobel Prize for Economics02/11/09 16:01:00 David Giles
                                       Re:The Nobel Prize for Economics03/11/09 08:07:00 Fraser Pearce
                                          Re:Re:The Nobel Prize for Economics03/11/09 19:16:00 David Giles
                                             Not the Nobel prize03/11/09 19:36:00 Ken Munn
                                                Re:Not the Nobel prize03/11/09 19:55:00 David Giles
                                                   Re:Re:Not the Nobel prize03/11/09 20:37:00 Fraser Pearce
                                                      Re:Re:Re:Not the Nobel prize03/11/09 20:48:00 Fraser Pearce
                                                         Re:Re:Re:Re:Not the Nobel prize03/11/09 21:25:00 E Yarrow
                                                            Re:Re:Re:Re:Re:Not the Nobel prize04/11/09 18:44:00 David Giles

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