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Cameron's Veto


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The more disturbing of recent events is the way in which democratic government has been removed from Italy and Greece and will, under the Merkozy plan, be largely removed from the rest of Europe as Ge

A self-delusional analogy by Terry Smith IMO. But what else from the Torygraph?   The problem is, the UK is now so heavily reliant on the trade that it does with the EU, that a more appropriate anal

Germany only got all that money because all those other countries borrowed money to live the high life and gave a lot of it to Germany to buy German products.   If Germany doesn't bail them out, the

One vaguely connected factoid: In the political negotiations around a possible renegotiation of the treaty, Ireland seems to have secured various guarantees wrt its finance sector - continuation of low corporation tax etc. This was apparently connected with making sure that if there was a need for another costitutional referendum - that it would not have been rejected. Britain by contrast seems to have given up any future policy influence.

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http://www.manxradio...d.aspx?id=56535

Chief Minister Allan Bell says the delayed endorsement of the Isle of Man's revised corporate tax structure is 'not a major setback'.

The European Council had been expected to approve the scheme, minus the ARI (Attribution Regime for Individuals), at a meeting last week, but the item was removed from the agenda.

Mr Bell says the expected approval would bring increased confidence and certainty to the Island's business sector, and the sooner the 'green light' is given the better:

I suspect that this issue might be revisited in a negative way as a result.

As far as the EC is concerned I think the IOM might get some collateral damage due to the UKs actions

We are after all merely a crown dependency and may be regarded as an offshore arm of the UK should things turn nasty

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To me it's very simple. From my Grauniad:

 

"The Tories are first and foremost the party of the City of London and financial engineering. More than half the party's £12m donations in the last year came from the City and banking. Its most lavish donors were hedge funds, financiers and private equity firms: the very interests which drove the financial sector over a cliff in 2007-8."

 

Cameron's just doing what he's told. Payback time....

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To me it's very simple. From my Grauniad:

 

"The Tories are first and foremost the party of the City of London and financial engineering. More than half the party's £12m donations in the last year came from the City and banking. Its most lavish donors were hedge funds, financiers and private equity firms: the very interests which drove the financial sector over a cliff in 2007-8."

 

Cameron's just doing what he's told. Payback time....

 

but the veto has not secured any assurances for the City. It does not seem obvious that the City, and the finance sector in general, is any better off today thanks to the veto (potentially worse off if Britain ultimately has to make concessions in order to buy back influence)

Whatever happens to the €uro, Britain does not seem to have achieved any positive outcome.

 

The whole thing is weird.

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Cameron misread Europe much earlier and seems to be a puppet of his rightwing - recall the decision to withdraw from the moderate centre-right coalition in Strasbourg and join the fringe group containing many of the rightwing nasties.

I suspect it means that the finance industry will shortly do a runner leaving the UK either to go back begging (as in De Gaulle's days) or apply for formal recognition as a protectorate of the neoCon USA - I suspect the medium term winner is Ireland - easy commute from London, in Eurozone + speaks english - and low capital gains - can't see the Island F S surviving

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The more disturbing of recent events is the way in which democratic government has been removed from Italy and Greece and will, under the Merkozy plan, be largely removed from the rest of Europe as Germany calls the shots. At least we will be spared being subject to dictatorship from Berlin. I am no Eurosceptic at heart but have to say that Cameron took the right decision, if only for saving our democracy (or such of it as remains after so much has gone to Brussels).

The survival of the Island's FS and the Finance Industry in the UK are separate matters. The main threat to the IoM comes from increasingly aggresive anti-avoidance measures in Europe and overzealous regulation of the tick-box mentality. I think the UK will survive - London deals mostly with the rest of the world outside Europe anyway and if there is a really major threat to it that comes from the shifting of the economic and financial power to the East.

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Interesting relevant article by Terry Smith in the Torygraph today:

http://www.telegraph.co.uk/finance/financialcrisis/8948303/All-Britain-is-isolated-from-is-a-looming-eurozone-disaster.html

I particularly liked this analogy:

"So all the UK is isolated from is an impending disaster: the eurozone will fragment with countries leaving and debt defaults. It is like being as isolated as a man who failed to get onto the Titanic before it sailed."

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Interesting relevant article by Terry Smith in the Torygraph today:

http://www.telegraph...e-disaster.html

I particularly liked this analogy:

"So all the UK is isolated from is an impending disaster: the eurozone will fragment with countries leaving and debt defaults. It is like being as isolated as a man who failed to get onto the Titanic before it sailed."

A self-delusional analogy by Terry Smith IMO. But what else from the Torygraph?

 

The problem is, the UK is now so heavily reliant on the trade that it does with the EU, that a more appropriate analogy would be: the UK is a rudderless barge chained to the Titanic, unable to cut itself free in time, and with no say in the steering arrangements.

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A self-delusional analogy by Terry Smith IMO. But what else from the Torygraph?

The problem is, the UK is now so heavily reliant on the trade that it does with the EU, that a more appropriate analogy would be: the UK is a rudderless barge chained to the Titanic, unable to cut itself free in time, and with no say in the steering arrangements.

How much are you willing to bet on that being self-delusional? True, the UK will suffer from turmoil in Euroland but not as badly as if it were tied into the whole debacle. We may still have a few ropes linking us to Europe but the fewer there are the easier it will be to finally cut loose if that's what the situation demands. Perhaps we are in the Titanic's lifeboat and can cut ourselves free if the ship goes down.

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A self-delusional analogy by Terry Smith IMO. But what else from the Torygraph?

The problem is, the UK is now so heavily reliant on the trade that it does with the EU, that a more appropriate analogy would be: the UK is a rudderless barge chained to the Titanic, unable to cut itself free in time, and with no say in the steering arrangements.

How much are you willing to bet on that being self-delusional? True, the UK will suffer from turmoil in Euroland but not as badly as if it were tied into the whole debacle. We may still have a few ropes linking us to Europe but the fewer there are the easier it will be to finally cut loose if that's what the situation demands. Perhaps we are in the Titanic's lifeboat and can cut ourselves free if the ship goes down.

And market what, and to whom?
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