Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-07-Speech-3-201"
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"en.20100707.23.3-201"2
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"Madam President, to what problem is this report a solution? We can blame an awful lot of people for the credit crunch. We can blame the central banks, we can blame the regulators, we can blame the governments for keeping interest rates too low for too long, but I am afraid I do not think that these proposals are being put forward as a specific remedy to an identified problem. They are rather the product of an unfocused and inchoate rage against anyone who wears pinstripes or anyone who works in financial services.
Now, that is fine if you represent a country which has a negligible financial services centre, but your constituents and mine are indirectly supported by the one bit of the British economy that is generating the wealth that pays for all of the government’s expenditure. I see in these proposals, if we shift invigilatory power from London to Brussels, an equivalent in financial terms of the common fisheries policy, a system where Britain is disproportionately filling a common pot for others to draw on evenly.
I can understand why some Members, either out of resentment against London or against capitalism, are voting for this. I find it extraordinary and disgraceful that our own countrymen in this Chamber should be doing the same thing."@en1
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