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Cameron slams banker bashing for damaging Britain

David Cameron 480

Prime minister David Cameron has hit out at banker bashing, claiming it harms Britain, as he heaped praise on the financial services sector in a wide-ranging speech at the Lord Mayor’s Banquet last night.

Speaking at Mansion House in London last night, Cameron addressed Britain’s role in a competitive global economy.

He said he wants Britain’s diplomats to act as salesmen to boost exports, highlighting his trade trips and appointment of trade envoys to specific countries.

Cameron praised financial services for its £46bn trade surplus, contributing an eighth of all Government revenue during the recession, employing two million people.

He said: “Those who think the answer is just to trash the banks, would end up trashing Britain.

“I say, recognise the enormous strength and potential of our financial sector, regulate it properly and get behind it.

“That is why we are taking tough action. Tough civil and criminal penalties for those who break the law, the most transparent rules on pay and bonuses of any major financial centre in the world and a proper programme to clear up the regulatory mess – including ring-fencing retail banking to protect it from the risks of investment banking.

“Put simply we need a regime where banks can fail without the need for taxpayers to bail them out.”

Cameron also re-iterated his pledge to “stand up” for the sector in Europe, highlighting its crucial role in “fuelling the EU economy”.

He said: “We will fight for rules which deliver open markets, competitiveness and new market access opportunities globally.

“And, yes, while we support the need for greater integration in the Eurozone, including through a banking union, make no mistake, we will never allow a banking union to compromise our fair access to the single market.”

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. Wonder what his speech next year will be? ” Poor FS industry has been desimated and now a once huge industry has been brought to its knees by poor regulation. I know we were warned but the FSA is not accountable to us so we could not do anything aboutthem even though we had the chance to do so in the FS Bill. We learn from this to make sure it never happens to another industry. Poor FS Indusrty. On the bright side George has a plan to recoup the revenue losses. Petrol up to £2.45 a litre, Personal allowances lost totally and a basic rate of tax set at 30%. He will give more details in his sppech to the house later this month”

  2. Britain is not being damaged by banker bashing, it is being damaged by bankers, whose uncontrolled greed for profits at the expense of the taxpayer, who has had to bail them out, has harmed our economy nearly beyond repair.

    This, coupled with excessive and punitive taxation of both individuals and businesses adds to the mix of detrimental actions by this and previous governments.

    One of the most iniquitous taxes is the Class 4 NI contribution forced on to self employed individuals. Paying a self employed NI stamp is one thing, taking 9% out of profits between £7605 to £42,475 and a further 2% over £42,475 just means less income for the individual and less capital to expand and improve their business and also less incentive to employ anyone. Add to that the Income Tax required from HMRC, it is no wonder busiensses are not growing.

    I am just glad I actually have no employees now.

    The NEST schem being introduced is just another tax on business.

  3. Umm. Isn’t this the same chap moaning that our economy relied too much on the Financial Industry? And that it was that industry that had caused the recession in the first place?

    Flip-flop Cameron does it again.

  4. He has failed to protect UK financial services from the nonsensical gender directive and he has enabled the FSA to tilt the field so that UK advisers are in a worse position than their EU cousins.

    Hope he wakes up.

  5. RegulatorSaurusRex 15th November 2012 at 9:40 am

    Jeez, the bankers are using taxpayer money to line their pockets and they are also using it to bribe this Muppet as they did Gordoon Broon.

    Dear David Macaroon, wake up and smell the coffee….

    Sounds like brainwashing to me, any mention of this in the FSMA 2000?

  6. Dear David

    The banks have ripped off anybody with a pulse, or anybody without one if needs be.

    You, yes the UK gummint, allowed banks to self-regulate for decades and you now tell us that knocking them down a rung or two is bad for Britain?

    The only reason why it might be bad for this country is our dependency on their ‘drugs’, the bit of tax they decide to pay, the kudos, the ‘City’.

    If the bankers didn’t give us a reason to bash them we could all get on with our miserable lives.

  7. I think he has a point here – and he is not talking about just your high street banks here. He is talking about investment banking. Banking alone, as stated, produces 8% of the UK’s income!

    All he is saying is yes the banks flipped us into the recession – but was it UK banks on their own? No. US banks did as well as the rest of the world, so if you think the FSA could have stopped the recession you are totally wrong. All the other countries banks would have eventually dragged us down.

    Banks are now the way to get out of recession – that’s all he is saying. Which is true. He also says they need to have better regulation and also be ring fenced to minimise the chance of needing bail outs.

    Not sure how anyone can disagree with him – surely this is what should have happened years ago! He’s not saying don’t blame the banks – he’s saying “that’s happened – now lets look forward” A sentiment I totally agree with.

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