Financial Envy?

[ToraToraTora]

http://www.bbc.co.uk/news/business-22227019
The EU have never been happy about London have they?

[Gromit]

Welcome back R1Geezer.

The tax is to build up a fund so the banks cannot bankrupt us all again. Instead of relying on Governments to bail them out when they fail dismally, the banks would instead turn to this emergency fund grown over many years.

Unless you are happy for the country to go hundreds of billions of pounds into debt when they crash next time, what is your alternative?

[DTCwordfan]

What Iceland has done - reduced their debt exposure by over £50 bln.....their President is in London shortly to lecture on what they have done.

[ToraToraTora]

Sorry I just joined, is this some sort of initiation? who is this "Geezer"?

Anyway rather than taxation just seperate the casino from the retail and let them gamble away.

[Svejk]

An Icelander coming to lecture us?
I thought they simply reneged on their debts, rightly or wrongly.
Welcome to AB Tora. I'm afraid anyone who isn't a muesli-munching, sandal wearing, guardian reading trot is subject to something of a witch-hunt around here.

[DTCwordfan]

http://gls.london.edu/top-speakers/92/89/olafur-Grimsson.html

[humbersloop]

^^you missed out handwringing, do-gooder, taliban supporters svejk ;)

[Svejk]

Lol@humber.
I worked on your bridge.

[humbersloop]

what do you do?

[Svejk]

Dt, he's undoubtedly green as grass, but does he pay his debts?

[humbersloop]

meant *did* you do?

[Svejk]

Used to be a Steel-fixer(construction worker) till the last shower emptied the steppes to do it.:)

[Gromit]

I wonder if theIcelander will cough up the £2.2billion they owe us?

[jake-the-peg]

No it's just the sort of sensible proper governance that our Government ought to be doing but are too spineless.

We are the mess we are in today not because of any sale of Gold reserves but because these guys cost us all £500 billion

That's ten grand a head!

You think we should just let them carry on as before?

Sure - give me my ten grand back - then you can start saying EU banking regulations are 'financial envy'

[New Judge]

With my usual predictable viewpoint, it should be up to the UK government to determine what measures are necessary to regulate the UK's banks. As far as I aware the EU did not provide any funds to help us overcome our banking crisis (and nor it should have) so protection against a repetition of the crisis should be a matter for the UK Parliament.

[Svejk]

I think I read Icelanders 'owed' something mad like £100,000 each. If true, can't blame them for not paying.
They didn't create the debt or gain much from it while it was being accrued.

[jake-the-peg]

Your usual predictable view, as usual ignores the global word we live in.

Money moves easilly about the financial world and if there is a poorly regulated area that area will attract bad business until things go wrong again.

Telll me what would happen if for example Devon were to make child pornograhy or heroin legal ?

Even you Tory's want a free trade Europea - that requires common laws to govern that free trade

[jake-the-peg]

Gromit

With regard to Iceland

On 28 August 2009, Iceland's parliament voted 34–15 (with 14 abstentions) to approve a bill (commonly referred to as the Icesave bill) to pay the United Kingdom and the Netherlands more than $5 billion lost in Icelandic deposit accounts.

Under the deal, up to 4% of Iceland's gross domestic product (GDP) will be paid to the UK, in sterling terms, from 2017–2023 while the Netherlands will receive up to 2% of Iceland's GDP, in euro terms, for the same period


http://en.wikipedia.org/wiki/2008%E2%80%932011_Icelandic_financial_crisis#Outside_Iceland

[Zacs-Master]

Wouldn't a fund such as this just encourage the city boys to be reckless again, if they know there's a cushion for the consequences?

[DTCwordfan]

I thought that Devon already had that status, jake........St Just in Cornwall as well....

[Gromit]

Jake, I was referring to this...

// The UK taxpayer will not be able to reclaim £2.3bn in unhonoured deposit guarantees from the Icelandic government linked to online bank account Icesave, a court in Luxembourg has ruled.

The surprise judgment has delighted many in Reykjavik, some of whom still blame Britain for precipitating a flight of capital in 2008 after the UK used emergency powers to freeze the assets of Landsbanki, the bank behind Icesave. //

http://www.guardian.co.uk/business/2013/jan/28/court-rules-against-uk-icesave