This press release from HM Treasury gives you the whole speeach verbatim.
A speech that does mention what used to be unfamiliar:
- the sovereign debt
- its interest payment
- the budget deficit.
But it glorifies the “independence” of the Office for Budget Responsibility whereas it means control of Downing Street by the City.
The tripartite system of Bank of England, Financial Services Authority and Treasury will be changed such that the Bank of England has yet more powers.
A new Financial Policy Committee will be created at the Bank.
A new Consumer Protection and Markets Authority is supposed to regulate financial firms.
A single agency is supposed to take on the work of tackling serious economic crime!
A bank levy will be introduced (the Robin Hood Tax???)…
An independent Commission on the banking industry will check the structure of banking under Sir John Vickers, former chief economist at the Bank of England.
Quotes worth quoting are:
“Banks support the people, instead of people bailing out banks…”
“Fundamental reform is an absolute requirement…”
[And the policy for the financial economy is selling its “financial products” to the real economy…]
“My very first foreign visit as Chancellor was to China, within three weeks of taking office.
There and throughout the developing world, nations of manufacturers are becoming nations of consumers, just as we did after our industrial revolution.
And they will want to buy savings products, mortgages, insurance services, fund management, shipping finance, accountancy and legal expertise.
They will need broking services, investment banking, private equity, venture capital, trading platforms and all of the financial services that go to support an advanced economy.
I want to help you to market British financial services around the world so that we are the first place they turn to.
And by resolving the raging debates that hang over your industry, I want to free you up so that you can focus your energies on what you should be doing: building your businesses, winning new clients and helping to create the prosperity that our country deserves.”
Long live the City.
To hell with people, Parliament and the real economy. “Cutting the state” is his ideologica rationale.
How blind can people like George Osborne be??? He’s just following the policies decided at Bilderberg conferences, where he attended 2006 – 2009 according to Wikipedia. But then, he never learned what “money” is. He just tried to make a career…