UK 'blocking tough finance rules'

[edesignuk]

German Finance Minister Peer Steinbrueck has accused the UK of blocking tougher financial rules ahead of the G20 summit.

"There clearly is a lobby in London that wants to defend its competitive advantage tooth and claw," Mr Steinbrueck told Stern magazine.

Germany and France have led calls for more restrictions on banks, which have been resisted by the US and UK.

But the UK Treasury told the BBC the UK was not blocking more regulation.

The leaders of the richest 20 nations will discuss reforming the global economy when they meet in Pittsburgh later this week. BBC (http://news.bbc.co.uk/1/hi/business/8270404.stm).

I believe it too :rolleyes:

[Shivetya]

Sorry, but seeing government officials, who usually are the the pinnacle of financial irresponsibility bemoaning the lack of rules on the private sector is hypocrisy at its finest.

I mean, how can our side even walk into the room and talk about fiscal responsibility with a straight face? We haven't been able to do that for how many years?

[edesignuk]

Sorry, but seeing government officials, who usually are the the pinnacle of financial irresponsibility bemoaning the lack of rules on the private sector is hypocrisy at its finest.Who else do you suggest do it, should they all be allowed to carry on as they were? :confused:

[Ugg]

England has too much invested in the City, of course they're going to block new rules. It's a shame though, I don't think any country needs more oversight more than the UK does.

[Desertrat]

Steinbrueck's numbers are crap. City's % of GDP is half or less than the claims, among other things. Just political posturing and scapegoating. His own skirts are muddy enough...

Ugg, the history of oversight is one of adressing a previous fubar. No different from generals gearing up to fight the last war. Sounds good; doesn't work.

'Rat

[Eraserhead]

England has too much invested in the City, of course they're going to block new rules. It's a shame though, I don't think any country needs more oversight more than the UK does.

Agreed. But after reading the article I'm unclear as to what specifically we are blocking. I suppose it implies we don't want to regulate hedge funds which is bad. But the German guy is in favour of Tobin taxes and as this article in the Economist points out (http://www.economist.com/opinion/displaystory.cfm?story_id=14455661) Tobin taxes won't work unless everyone does them and where they exist already (eg stamp duty on property) they don't work particularly well.

[Desertrat]

Ugg, looks like your government is what actually needs oversight.

http://business.timesonline.co.uk/tol/business/economics/article6839660.ece

"Mr Archer said the figures suggested that the Bank, which has already agreed to inject £175 billion into the economy through its quantitative easing programme, may have to increase that level further.

John Hawksworth, head of macroeconomics at PricewaterhouseCoopers, said: "Today’s figures confirm the dire state of the public finances."

Quantitative easing is one of the things which extends recessions and which drives down the value of a currency. Your folks are followinging the same dumb overall policy as Bush/Obama. Folks have commented that England is in the same mess as the US, only per-capita worse and sooner.

'Rat