the uk government’s reaction to the robin hood proposal March 21, 2010
Posted by Bradley in : financial regulation , comments closedA coalition of charities has launched a campaign calling for a tax on global financial transactions, the so-called Robin Hood tax. This has led to a number of enquiries from members of the public for information on a transactions tax and the Government’s policy on the issue.
At the heart of the charities’ campaign is the belief that banks – who have benefited from significant public support in recent years – should make a fair contribution to society. This is a belief that is shared by the Government.
The Prime Minister raised the issue at the meeting of G20 Finance Ministers in St Andrews in November. He called for a better economic and social contract to reflect the global responsibilities of financial institutions to society.
The G20 nations have asked the International Monetary Fund to explore these issues further. They are looking at a range of options including contingent capital, systemic levies and transactions taxes. The IMF will deliver an interim report to G20 Finance Ministers at their next meeting in April, with a final report due in June.
The UK will continue to work for a global agreement to see banks contribute their fair share to society. Any work to raise awareness of this issue is to be welcomed.
very complicated…. February 10, 2010
Posted by Bradley in : financial regulation , comments closedconsulting the “general public” February 8, 2010
Posted by Bradley in : consultation , comments closedThe EU’s consultation on information sharing between the EU and the US, which purports to invite responses from stakeholders, including the “general public” doesn’t really seemed geared to generating responses from the public at large. It’s full of jargon and probably only makes sense to people who know quite a lot about the subject matter already (although the consultation page does provide links to relevant documents):
Should the agreement provide for modalities and consequences of “accountability”, e.g. internal and external review procedures? Should the agreement notably provide for a joint review mechanism?.. If there is no possibility to directly access one’s own personal data for justified reasons, should the agreement provide for the possibility of indirect verification through an independent authority responsible for the oversight of the processing in the sending or recipient country?.. Should the modalities for transparency and assistance to data subjects by US and EU data protection supervisory authorities be spelled out in the agreement?
oft study February 4, 2010
Posted by Bradley in : consumers , comments closedThe OFT has announced a new market study:
The OFT would welcome views and evidence on when and how contracts cause problems for consumers or firms. It will be contacting key parties directly, including Government departments and consumer bodies. Others who wish to make a submission should visit www.oft.gov.uk/consumer-contracts or email consumercontracts@oft.gsi.gov.uk.
group of experts in banking issues February 2, 2010
Posted by Bradley in : financial regulation , comments closedThe EU Commission is looking for candidates for this new group (which, according to the mandate, is meant to ensure direct communication between the banking industry, consumers and the European Commission). Here are the criteria:
proven knowledge, competence and experience, including at European or international level, in the field of banking regulation.. commitment to European issues and the internal market in financial services, ability to talk to relevant industry and public entities, willingness to commit time, neutrality and fair judgement.. interest in formulating policies in banking regulation to respond to the challenges created by the financial crisis .. good knowledge of written and spoken English
Neutrality, within the constraints of a commitment to “European issues”, whatever they are.
moment of incomprehension February 2, 2010
Posted by Bradley in : life , comments closedAs I’m doing the morning school run this morning I’m listening to a woman on the radio explaining her belief that people (the government) should not be able to take money away from some people to spend on other people, and I drive into a large hole that seems to have opened up in the road since yesterday (well, it’s not entirely new but suddenly much deeper – we have had a lot of rain the last few days). And I think about what it would be like to live in a world where you only got access to the roads you could pay for, or the health care, or the clean water, or the police protection you could pay for ………
risk and liability January 26, 2010
Posted by Bradley in : risk , comments closedAccording to the World Economic Forum’s Risks Interconnection Map, there is a risk that US style liability rules will spread to other parts of the world and this:
reduces personal accountability and loss sharing, and global insurance capacity, undermining investment and growth.
Funny, I thought liability was all about accountability. But the statement refers to “personal” accountability. Perhaps in this context corporations aren’t people.
2011 January 25, 2010
Posted by Bradley in : eu , comments closedWill be the European Year of Voluntary Activities Promoting Active Citizenship:
The potential of voluntary activities is still not fully realised. A European Year of voluntary activities promoting active citizenship will provide the opportunity to demonstrate in a European context that voluntary activities increase civic participation and can help foster a sense of belonging and commitment of citizens to their society at all levels — local, regional, national and European.
Why wait?
um and haiti January 23, 2010
Posted by Bradley in : um , comments closedThis week there are some very real reasons to be proud to be associated with UM, described in Donna Shalala’s most recent letter to the community about UM’s efforts to help with the recent tragedy in Haiti. For example:
Led by Dr. Barth Green, chair and professor of neurological surgery, our immediate response efforts have focused on our team of Miller School of Medicine experts who arrived in Haiti less than 24 hours after the quake hit. Physicians and nurses from the University and Jackson Memorial Medical Center were some of the first responders to begin treating hundreds of earthquake victims. Since January 13, more than 100 UM doctors, nurses, and other personnel have traveled to Haiti. Working with limited supplies and in crude facilities, they have fought against the clock to save lives, provide compassionate care, and ease suffering.
action on bank bonuses January 20, 2010
Posted by Bradley in : financial regulation , comments closedJohn Harris has a better way of showing disapproval of the fact that UK taxpayers are subsidising bank bonuses than Billy Bragg (at least his solution is legal):
If you have money in a bank whose pay structures strike you as iniquitous, put it somewhere else. As an RBS customer about to jump ship, my own choice is the Co-operative Bank, freshly merged with the Britannia Building Society. Their executives are hardly paupers … but their pay policy falls short of arrogant insanity – and as proof of their bona fides as both progressives and prudent operators, they make a lot of their ethical investment policy and proud avoidance of the financial instruments that got most other banks into such a mess.