October 31st, 2011

Brussels Blocking British Banker Bashing

On the day the German Finance minister Wolfgang Schäuble declared war on the City of London by announcing the EU will take “a global lead in introducing a financial transaction tax to curb speculative trading”, maybe the left will finally have something to get angry about in regard to the EU’s stranglehold over the UK’s sovereignty…

Emily Nomates, formerly of this parish, has got hold of Treasury documents over at CityAM that show “UK authorities are currently locked in fractious negotiations with Brussels” over the whether the plans set out in the Vickers Review are legal under new EU capital rules. The whole story is here but essentially the Treasury suggest their plans to reform the banking sector are being blocked from above.

Maybe the occupiers should target Brussels for letting the bankers off…


  1. 1
    Billy Bowden is the greatest umpire ever ! says:

    Lets just scrap the palace of westminster and sing Ode to fucking joy then!

  2. 2
    Funny how you're never seen with your hero these days says:

  3. 3
    Funny how you're never seen with your hero these days says:

    And is wholemeal pizza meant to be the politically correct way to eat pizza?

  4. 4
    Spartacus says:

    We already do Billy . . .

  5. 5
    Tessa Tickles says:

    It allows the consumer to kid him/herself that the pizza’s actually in some way healthy. It distracts from all the fat.

  6. 6
    Lard Prescott says:

    I’ve just had seventy eight Big Macs. And you all paid for it.

  7. 7
    Flim flam says:

    Sarah Brown – I really aren’t remotely interested in your sad life or that of your d.e.m.e.n.t.e.d. husband.

  8. 8
    Another name says:

    So Emily is really Juliet

  9. 9
    sitting here pressing the refresh button says:

    Juliet Nomates? What an unfortunate name.

  10. 10
    Smig says:

    Can’t wait for the heart attack you fat knacker.

  11. 11
    Tessa Tickles says:

    I’d have thought a greater reason for the Left to hate the EU is the latter’s desire to take control of government budgets if debt levels get too high.

    How can Labour possibly pursue its desire to tax and borrow to the hilt in order to build shiny useless Sure Start centres and other assorted Lefty crap, if the EU rips-up Balls’s budget and shouts “Nein!” in his face?

  12. 12
    Billy Bowden is the greatest umpire ever ! says:

    I wonder if GaDavei will now do a u-turn and give the people a referendum on our membership of EU, Our parliament is meant to be soverign!!

  13. 13
    Tessa Tickles says:

    Our Parliament is not MEANT to be sovereign, it IS sovereign. William Hague told us so himself.

    Immediately before he and Camoron prostrated themselves at Herman van Rompuy’s feet and offered him this year’s £13.3billion membership fee.

    (Apparently, Dave’s going to ‘invest’ £1bn in order to create “thousands” of jobs and “jump start” our economy. If he’s on the right track, imagine what he could do with 13.3 x that expenditure. If he hadn’t pissed all the money up the EU wall.)

  14. 14
    Now IS the time says:

    Look on the bright side…it’s shown that”Dave’s” telling us that the UK is making a difference in Europe and that we are leading the debate to be a load of*@&***!!!!!

    Time for THAT referendum


  15. 15
    Inky fingers says:

    In the bookstore she may have been looking for copies of G Brown’s latest autobiography: “Britain and my part in its downfall.”

  16. 16
    Billy Bowden is the greatest umpire ever ! says:

    But if it is soverign then why dont tell the EU to Fuck off over them blocking our banking reforms that affect our banks.

    Has this government got no spine?

  17. 17
    Herman Van Rompuy says:

    Welcome to the 4th Reich oh, my brothers!

  18. 18
    Questions in Parliament says:

    The Tories have finally agreed there can be a referendum. It will ask: “Do you want to be even more a part of Europe’s great and powerful socialist empire or are you happy to carry on being a servile, lickspittle serf to the whims of Brussels?”

  19. 19
    Sophie says:

    Rusty Cameron & Quizzling Clegg are two sides of the same Euro coin.

    All this spin about them being at loggerheads over the EU is just spin.

    Both are fully paid up Euro fanatics.

    This transaction tax is a direct assault on British sovereignty. London financial trades dwarfs the EU.

    This is the EUSSR at its worst – it is a smash & grab raid on Londons prosperity & our Parliament.

    Rusty & Clegg obviously have conflicts of interest – Dave wants to succeed where Blair failed by becoming EU President & Cleggs whole family of banking billionaires is nuts deep in the EU ponzi scheme.

    Both deserve to hang for their treason.

  20. 20
    The Stilton Eater says:

    We have a transaction tax already, it’s called Stamp Duty.

    It’s not an EU tax but one cooked up at home. Before we attack Germans and their invasive plans, let’s look at our own situation.

  21. 21
    chickens says:

    And what are the Conservative ‘rebels’ going to do about this….
    make a few speeches, then pipe down for another while, or are they going to get rid of Cameron?

  22. 22
    BillyBob... says:

    Just, where is the Church of England when you need it ?? What would they do ??

  23. 23
    M says:

    What happens if we just go ahead & reform the banks ,
    Throw our billions back in our faces .

  24. 24
    Margaret Moran says:

    Please don’t send me to prison!

  25. 25
    Sir William Waad says:

    I’ve never understood how a transaction tax would curb specualtion. Perhaps Guido could explain.

    If you actually want to own a financial asset, you have to buy it and this would incur a transaction tax. By contrast, if you merely wish to gamble on the future price of that asset, you do not in general have to buy or sell it. Therefore you can avoid any transaction tax. Plus, of course, you could pretty easily ‘offshore’ such activity.

    As for its being a ‘Robin Hood Tax’ – Robin Hood didn’t hand over all the money to the Sheriff of Nottingham.

  26. 26
    Billy Bowden is the greatest umpire ever ! says:

    Someone once said “thier is a difference between knowladge and wisdom” or words to that effect.

    Dunno who it was tho

  27. 27
    Talking of bankers says:

    Halifax was bailed out by the taxpayer and in return the c unts make these hideous adverts showing staff singing utterly irrelevant songs. What fucking ad agency thought that would be a good idea? Are we supposed to think Halifax staff are all nice, lovable people because they sing A Hard Day’s Night? Fuck right off.

  28. 28
    Engineer says:

    Offer a blessing for the bankers as they are God’s children too; then realise that they’ve offended almost everyone, made a political rod for their own backs, and offer their resignations.

  29. 29
    Tessa Tickles says:

    What they always do – put on their pretty red dresses and tremble in fear of what their God of Eternal Love has planned for them.

  30. 30
    Anonymous says:

    Deep fried Mars bar for afters

  31. 31
    Avada Kadavra says:

    I don’t think there is actually much difference where one is ruled from, they are all Huhnes. I say give Brusseles a try!

  32. 32
    Engineer says:

    There was a report in the Telegraph over the weekend that Whitehall has a major exercise ongoing to see what powers can be repatriated from Brussels, and how.

    Well, here’s their chance for a ‘first hit’. Just don’t allow the powers over bank regulation to go to Brussels in the first place. Tell ‘em to sod off. In French and German, just to make sure.

  33. 33
    The Golem says:

    Not where the EUSSR is concerned.

  34. 34
    Gordon Brown says:

    As it’s Halloween, I’ll be showing my face.

  35. 35
    Sir Keith Josephs preserved head says:

    Coinsidering the EU winds me up so much, I have to admit that I have a rather hazy idea of how some of these things work.
    My understanding of the EU ( from the Observer’s Book of the Common Market) is that the commission proposes stuff, the parliament talks about it, and then a council of ministers actually has a show of hands and member states have vetoes.
    So if this tax is put to the vote is it the case that the UK can veto it -just say no?

    And another thing if the eurozone goes off and makes these decisions that don’t include the UK etc just what could they do to harm us? I mean we will still be members of the EU, the eurozone couldn’t set up trade barrier to the UK selling them stuff. The Eurozone would hav eto leave the EU en masse?
    It seems like bluster from the eurozone.

    But as I say I possibkle don’t understand these things as well as I should.

  36. 36
    Stark says:

    Hunnishness is potentially unlimited. We have the ability to kick any one set of Huhnes out of Westminster. Heck – we could even elect non-Huhnes if we really got our collective act together. The EU allows for unlimited Huhnishness – the sky’s the fking limit.

  37. 37
    Selohesra says:

    I think its Lezzie code for unwashed rugmunching

  38. 38
    Anonymous says:

    Camerons policy on the EU is repatriation of powers, now whitehall are investigating what, how and if powers can be repatriated. Rather makes Cameron look like a liar and a traitor.

  39. 39
    Selohesra says:

    serd oeurf & sodden auf?

  40. 40
    Raving Loon says:

    A tobin tax would actually increase market volitility as people would just make fewer, larger trades. It’s actually quite stupid.

  41. 41
    Anonymous says:


  42. 42
    Penfold says:

    What does one expect from Brussels and our so-called friends in Europe?

    They have been out to screw us from time immemorial, their latest target is our successful financial services industry, which they hate for ideological reasons.

    We are better orff out. And as for the europhiles saying that we would be closed out and lose trade, hav’n’t they heard of GATT/WTO.

  43. 43
    annette curton says:

  44. 44
    Penfold says:

    The bastards invented QMV, Qualified Majority Voting, to ensure that one refusnik couldn’t stall or derail policy.
    Hence the necessity to act fast and head the blighters orff at the vote.

  45. 45
    Penfold says:

    Hmmmm, loads of anchovies.

  46. 46
    Archer Karcher says:

    “The EU allows for unlimited Huhnishness – the sky’s the fking limit.”

    Quite so, yet another example of EU shamocracy here,

  47. 47
    Archer Karcher says:

    Repatriation is a lie.
    There can be no repatriation without the consent of all 27 member states. Any attempt at repatriation would be met by counter measures and endless negotiation, rendering any repatriated power meaningless.
    Cameron and the entire political class know this and are acting in bad faith. The only way to end the EU stranglehold, is to leave, or stop paying the membership extortion money.
    Unfortunately, they have no intention of doing either.

  48. 48
    Our Denry says:

    Well, it would save how many millions

  49. 49
    Luciana Berger - who hasn't she shagged? says:

    The real questions are nothing to do with Brussels. Why has the UK government not sought the extradition of the Goldman Sachs board for conspiracy to defraud when it has been shown they were betting against the very CDOs they sold to (amongst others) British banks? Why has the government not published the minutes of meetings and calls between Lloyds executives and government ministers in 2008 when Brown forced Lloyds to take over the bankrupt HBOS without disclosing to Lloyds its liabilities to the Bank of England. This was also conspiracy to defraud (Lloyds shareholders who had a perfectly sound bank) although it is, no doubt, covered by sovereign immunity.

  50. 50
    Rt. Hon. George Grenville, PM & Chancellor of the Exchequer says:

    We took the decision to pay for the Seven Years’ War by making the North American colonists, who started the bloody thing anyway, have to pay a tax on all transactions involving the use of paper by making sure the colonists could only get the paper from Mother England. The paper would have an embossed seal on it, hence “Stamp Act”. The cost of the tax was passed from importer to jobber to retailer to ultimate consumer. This got the colonists angry, but we told’em it was necessary to pay for the War and to keep a standing army in North America. Sam Adams, a brewer– a BREWER, for heaven’s sake, what paper transactions does HE have?– mobilised the colonies against the tax, which we later determined was more trouble than it was worth. But that emboldened the colonists into thinking they could actually secede if we didn’t start allowing their delegates to vote in Parliament. Thus endeth the lesson.

  51. 51
    Our Denry says:

    But aren’t there lots of German banks, French banks, Dutch banks thanks to Fred Goodwin) and assorted other european banks all doing what our banks have been doing out of reach of their own governments legislation.

  52. 52
    Our Denry says:

    They will not leave the cons for the reason is they would not be elected. They had their chance in the tory conference, what happened, nothing the only thing since then Fox was eased out of the cabinet because he was found out.

  53. 53
    Anonymous says:

    Sir William – the proposal covers not just buying and selling of shares, but buying and selling of options and futures contracts – the instruments financial companies use to ‘gamble on the future prices’ of assets.

    Lots of high frequency trading desks will cease to be profitable if this tax is brought in. Their business model is to make a small expected return from each trade, multiplied by making thousands and thousands of trades. The tax would wipe out their profit margin and so they would cease to trade.

    What this would do for volatility and spreads is a complicated question. Also a big question is how much the tax would bring in – after all, any behaviour that you tax will become less common, and there could be a dramatic fall in trading. Biggest losers would probably be the exchanges.

  54. 54
    Our Denry says:

    Well Billy what do think is the difference?

  55. 55
    Sir Keith Josephs preserved head says:

    Right… I see Ok well I have turned to Noddy’s Book Of Europe (ie wikipedia) on QMV
    and it says that certain issues require unanimity – one of these being taxation – so…

    Oh they will produce a legal wriggle to say that it’s NOT a tax but a sporting policy or something and so not need unanimity…

  56. 56
    Sungei Patani says:

    Whilst I find Prescott quite loathsome who raised incompetence to a higher plane when he was a minister, it is quite unnecessary to wish him dead.

    I think you should retract your unkind remark.

  57. 57
    Sir Keith Josephs preserved head says:

    Whatever else the UK could or should do or even try to do ( leave aside referendums repatriation etc) it underlines the need for the UK to get its act together with the non eurozone countries and form a bloc within the EU.

    When Sarkozy and Merkel say
    ” you lot out -we are going to talk among ourselves”
    we shouldn’t just go home but say
    ” that’s Ok we are all off to a meeting of our own”
    “Oh Ja? what are you going to talk about?”
    ” Well it’s none of your business but for what it matters we are going to talk about YOU…”

  58. 58
    one for the pot says:

    and Prescott ate the pies. Boom boom

  59. 59
    A certain Major says:

    Dunno mate. Got any more of the little green veggies?

  60. 60

    Another fucking Kraut who thinks it’s his destiny to tell this country what to do. Is it in their genes?

  61. 61
    A certain Major says:

    Quelle bonne idee!

  62. 62

    You’re a boring cow, Sarah Beard. It must be nice spending all your time boring us silly with your fatuous tweets while your pseudo husband milks the taxpayers of thousands of pounds and we get nothing in return. It’s about time the pair of you got off your fat arses and found gainful employment!

  63. 63
    Raoul Moat says:

    You’re on the wrong blog, pal.

    Try the ‘Watch with Mother’ blog. It’s all about bunnies with fluffy tales/tails. You’ll love it.

  64. 64
    Miriam González Durántez says:

    yeah repatriate that Dave!

  65. 65
    Marcus Aurelius says:

    @ Sir Keith Joseph
    How about ignoring the European Mrs Haversham and courting the nubile developing world?

  66. 66
    Pissed off voter says:

    Note growing as quickly as I’d hoped, and my attempts to include it in MSM comments keep getting moderated. Think it needs another Guido promotion.

  67. 67
    George Osborne says:

    I need some drugs and some sex.

    Can anybody give me some drugs and some sex?

  68. 68
    David Laws Lib Dem fiddler says:

    It was always the sole aim of the EU project to achieve a single pan European state by stealth, with or without public consent, with Germany and France heading the new country. The Euroland venture is a two-tier system that cannot work because the majority (17) will vote for their interests against the remaining 10 that includes the UK. Yesterday we have confirmation of Clegg’s fanatical obsession for the UK to become part of a pan European state. He claims there will be “economic suicide” while some us think perhaps he needs to question his own logic or sanity of argument. Clegg has started to deride anyone suggesting the UK ought to renegotiate or get out of the EU. There is absolutely NO substance to what he says. But he is very committed to making the UK part of a single European state.
    He has denounced the culture of Britain and the way we live on more than one occasion and he appears determined, like some of his colleagues, to use strong emotional language to deride those who do not agree with an EU state. It was always the sole aim of the project to achieve this aim by stealth and I will not trust any MP to act in the national interest over their own fanatical political ideology- possibly learnt on a PPE course at Oxbridge. The Uk needs OUT of the EU now.

  69. 69
    Anglo Saxon ForeVer says:

    Entschuldigen sie bitte, stop bashing our cousins, after the EU implodes can we just be on the same side as the Germans? It worked quite well at Waterloo.

  70. 70
    Anglo Saxon ForeVer says:

    P.S. My suggestion does not extend (neither does anything else) to Frau Merkel. Segolene Royal she is not.

  71. 71
    Filthy Rich Capitalist says:

    Let the EU introduce their financial transaction tax. it will be another nail in their incompetent coffin. It will not be introduced in the main capital markets, UK, US, Japan and elsewhere. Another incompetent political move that will accelerate the already accelerating political decline of an EU that is a living testament to political incompetence. p.s Those of you holding stock portfolios should be out as the next big move down is imminent. In Elliott Wave parlance, a devastating 3rd of a 3rd wave down.

  72. 72
    Handycock No1 Trougher in Parlaiment says:

    Well said Sungei, this demolition of corrupt, troughing, perverted politicians on this blog is entirely unjustifiable.

  73. 73
    Time for a quiet puke.... says:

    Fucking right mate! The mute button goes on immediately

  74. 74
    Sungei Patani says:

    I am in favour of abusing the likes of John Prescott as much (or more than) the next man; he is an incompetent, lecherous buffoon who has his nose firmly in the taxpayer’s trough.

    But I do draw the line at wishing him or or anyone else dead as I think that diminishes us a human beings.

  75. 75
    Phukumall says:

    Iv got a nice 52 seater microwave on hold for all the kraut fuckers who spew on about how we have to do things in blighty

  76. 76
    Andrei Zuleteveter (Katya's dad) says:

    Someone sent me a link to this blog Handycock. I am not waiting for you to come over to Russia. Iam on my way to the UK. Pervert.

  77. 77
    Really? says:

    Politics is not so much the ‘art of the possible’ as ‘rule by highwaymen’. Astonishingly, not a single pistol needs to be raised for them to get their way, so far is the habit of obedience embedded in our heads.

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