Douglas Carswell's Blog

�“This is bulls**t!�”

Britain cannot win as part of the Eurosystem.

Yesterday, 27 EU finance ministers met to impose a pan-European banker bonus policy. Britain, where 90 percent of those businesses affected are based, was out voted 26 to 1.

Goodness knows our banks need reform. We need to unwind the bailouts and central bank subsidies.

Rather than the Vickers mishmash, there needs to be a clear legal distinction between money handed over to banks as a deposit and money handed over as a loan. In place of candy floss credit, we need a banking system built on sound money and restraint.

But an arbitrary cap on bonuses resolves nothing.   Bankers will simply take the pay in higher salaries - but their pay will no longer be linked to performance. Smart move, eh? 

But then this proposal was never about bank reform.  The bonus cap is a spiteful attempt by the Euro elites to hit the City of London, the success of which they have grown to resent ever more as the Euro crisis deepens.  This move will harm our wider economy, and thousands of small businesses, estate agencies, retailers, restaurants and others will eventually pay a price. 

I tried pointing this out this morning in a live interview on Bloomberg TV.  The response of one of the chief architects of this new policy, a M. Philippe Lamberts MEP, was to yell "bulls**t!" at the camera.  (Link here)

It is people like M. Lamberts who increasingly run this country.   

The case for quitting the EU just got stronger.  Anyone in financial services wanting to support the Out Campaign, get in touch.

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