Are you proud of Cameron for keeping us out of the new Euro club?

Hezza said in the last week or two that it is inevitable we will eventually join the Euro.

I think it probably might be. Clearly it won't happen soon but in 20-30 years things could be very different and joining would be the right thing to do

why not?

 

most seem to acknowledge the need for a different regulatory framework than we have now, yet the government seems reluctant to do anything, so if the eu doesn't do it then who will?

We shouldn't have to sacrifice our social democracy to keep the city in check.

why not?

 

most seem to acknowledge the need for a different regulatory framework than we have now, yet the government seems reluctant to do anything, so if the eu doesn't do it then who will?

I want us to restore the reputation and integrity of the city. I want the UK to regulate the city effectively and return it to its previous standing as not just a leading financial centre but one which was a byword for itegrity. I think we have a window within which we can try and do this ourselves but if we can't then like you say the EU will have to do it.

Been reading through the papers quite a bit today and the Independent had an article on the likely response of the government to the Vickers report. Osborne is due to outline on Monday the measures that will be taken. It seems that he has been meeting individually with executives from the big banks which have been lobbying intensely (the word 'hostile' was used) against the Vickers proposals and it seems that the Vickers recommendations will be significantly watered down. Another point where the coalition will become strained - for all the LibDem noise about the banks it seems poor old Clegg is going to have to roll over yet again.

I agree though Andy, the more the threat the city poses and the less we do about it, the more likely any decisions about how to regulate it will be taken away from us. I think we need to take the opportunity to get our house in order while we can.

We shouldn't have to sacrifice our social democracy to keep the city in check.

would we be sacrificing our social democracy though?

what is social democracy anyway?

would we be sacrificing our social democracy though?

 

what is social democracy anyway?

It doesn't matter anyway. As long as we stay in the EU then the decisions about financial regulation can be made for us. If a qualified majority of EU member vote for change it will happen. As I said we have to give them reason not to do it.

http://www.google.com/hostednews/ukpress/article/ALeqM5i1UkPxx9nccdxcAk2TiW1x6_hhvA?docId=N0514891324167104363A

David Cameron's hardline stance over the eurozone treaty appeared to have secured a significant boost in public opinion as the Tories opened up a six-point poll lead over Labour.

A survey, conducted as the political fallout from his use of the UK's veto at the Brussels summit convulsed the coalition, put the premier's party up two points with Labour dropping the same amount.

The 40% to 34% gap is among the biggest since the immediate aftermath of the 2010 general election and marks the highest Tory approval rating for more than 18 months.

The Liberal Democrats, whose MPs abstained en masse in protest at what they saw as a damaging outcome to single currency crisis talks, were unchanged on 14% in the ICM/Sunday Telegraph poll.

It also suggested Mr Cameron could face growing demands for a referendum on the EU following his dramatic withdrawal from the deal agreed by most of the other member states last week.

A 58% majority of those polled backed the move, with more than one in three (35%) wanting a vote within a year.

As credit ratings agencies cast fresh doubt on efforts to end the euro crisis, it was reported that evacuating expats formed part of emergency plans being drawn up by the Foreign Office.

The Sunday Times said officials were concerned that around a million Britons living in Spain and Portugal could be trapped without access to cash if banks in the eurozone countries collapsed. It quoted officials saying the worst case scenario was being prepared for - with possible transport routes out and emergency loans among measures being examined.

So all the expats who moved out to Spain, Portugal etc to live in the sun and with a generally lower cost of living are going to be brought back to the UK.

Where are they going to live? What will happen to all the villains who live out there and can't come back. Will they be giving themselves up at passport control.

Are they all going to register at your local doctors.

When the Pound fell against the Euro (2008 ) we were told by the Press that all the expatiate Brits would be coming back because they could no longer afford to live overseas.

Now that the Euro may fall against the Pound we are being told by the Press that all the expatriate Brits will be coming back because they can no longer afford to live overseas.

Really? It works both ways?

If your Pounds don't buy enough Euros you will have to go back to the UK.

If your Pounds buy too many Euros you will have to go back to the UK.

Can somebody explain how that works?

Been reading through the papers quite a bit today and the Independent had an article on the likely response of the government to the Vickers report. Osborne is due to outline on Monday the measures that will be taken. It seems that he has been meeting individually with executives from the big banks which have been lobbying intensely (the word 'hostile' was used) against the Vickers proposals and it seems that the Vickers recommendations will be significantly watered down.

Might Cameron be using his recently-gained Kudos boost to have it both ways (i.e. including one over the banks/City), one wonders?

If that's the case, there's going to be a lot of humble pie to eat, in a lot of quarters (I might even have to have a slice myself!)

When the Pound fell against the Euro (2008 ) we were told by the Press that all the expatiate Brits would be coming back because they could no longer afford to live overseas.

 

Now that the Euro may fall against the Pound we are being told by the Press that all the expatriate Brits will be coming back because they can no longer afford to live overseas.

 

Really? It works both ways?

 

If your Pounds don't buy enough Euros you will have to go back to the UK.

If your Pounds buy too many Euros you will have to go back to the UK.

 

Can somebody explain how that works?

It is pretty straightforward. This time around it is expected that quite a few Eurozone banks will fold because of their liabilities to countries like Greece and Italy who may well default on their obligations. As there is a finite limit to the amount of banks that Eurozone governments can afford to prop up banks many people will probably loose the money they have on deposit.

This is why Greeks are pulling funds out of Greek banks at around 40 billion Euros/week and shifting the cash in suitcases to Swiss banks.

Brits living in Euro land might suddenly find they have no cash in their accounts.

Word in the news this morning, is that Cameron has decided the Vickers Report is going to be implemented 'in full'.

It's an interesting turn of events. It's also a pretty smart prescient method of splitting the contingent liabilities over the forthcoming Eurozone banking crisis into more manageable bite sized chunks.

Very clever.

It's an interesting turn of events. It's also a pretty smart prescient method of splitting the contingent liabilities over the forthcoming Eurozone banking crisis into more manageable bite sized chunks.

 

Very clever.

It is interesting and unexpected and of course to be welcomed.

Cameron can now turn round to the EU and say we are wanting to implement increased capital controls and separation of retail and investment banking. This is beyond what any Eurozone banks can do and it demonstrates what can be achieved with some degree fiscal and financial independence. The image projected is one of us getting our house in order while the 17/23/26 flounder.

Cameron has played a blinder on many levels. If he called it for the new year he could probably win an election.