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Eurozone Financial Assistance – so much for Parliament asserting itself?

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  •   May-24-2011
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As you can see on today’s order paper, Mark Reckless MP has courageously brought forward the following motion, which I have signed (emphasis mine): EUROZONE FINANCIAL ASSISTANCE That this House notes with concern that UK taxpayers are potentially being made liable for bail-outs of Eurozone countries when the UK opted to remain outside the Euro and, despite agreement in May 2010 that the EU-wide European Financial Stability Mechanism (EFSM) of €60 billion would represent only 12 per cent. of the […]

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A Bill to expose banks’ false profits, overstated capital and hidden losses

My Financial Services (Regulation of Derivatives) Bill has now been printed, ready for second reading on 10 June. You can obtain the PDF here and track the Bill’s progress here. The press release, including links to background evidence and press coverage, is here. When I introduced my Bill on 15 March, I explained how the accounting rules for banks incentivize trading in derivatives by enabling unrealized profits to be booked up-front, leading to large but unjustified bonuses and dividends. On 30th March, […]

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A smaller budget for the EU please

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  •   Oct-13-2010
  •   Politics
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I chose tonight to support Douglas Carswell’s modest and conservative amendment to the draft EU Budget Bill: Line 2, leave out from ‘2011’ to end and add ‘is concerned at the above-inflation increase being made to Britain’s EU budget contribution; believes that, at a time when the Government is poised to make reductions in public spending elsewhere, it is wrong to increase that contribution; and calls on the Government to reduce Britain’s EU budget contribution’. This amendment was not successful. […]

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Ten plans for financial reform

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Over at The Cobden Centre, I have introduced and listed ten substantial plans for financial reform: Since The Cobden Centre was established by original founder Toby Baxendale, Dr Tim Evans, Dr Anthony J Evans and the author, we have assembled ten plans for financial reform which promise to deliver honest money and social progress. These are set out below. There is today little doubt that the economic, fiscal and monetary crisis through which we are living was caused by the […]

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Equitable Life update

At 13:00 today, I attended a busy Westminster Hall debate on Equitable Life secured by Nicola Blackwood MP, to which the minister, Mark Hoban MP, responded. Nicola covered the situation incisively. Many of us made an exception to sign the Equitable Life pledge during the campaign and we do expect it to be fulfilled. Many older people are living in poverty as a result of Equitable Life’s failure. Many concerns have been expressed to MPs since the election. We have […]

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How can we re-think government to deliver more for less?

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Via HMT – Spending Challenge, an attempt to “crowd source” government spending: The Spending Challenge is your chance to help shape the way government works. We need to reduce the deficit by cutting public spending in a way that is fair and responsible – and you can help. It could be something small that is quick and easy to put into action, or a more radical change to where and how government works.  Either way, please be as specific as you […]

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The future of public debt: prospects and implications

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  •   Apr-19-2010
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Via the Cobden Centre, a report from the Bank for International Settlements on public debt. Since the start of the financial crisis, industrial country public debt levels have increased dramatically. And they are set to continue rising for the foreseeable future. A number of countries face the prospect of large and rising future costs related to the ageing of their populations. In this paper, we examine what current fiscal policy and expected future age- related spending imply for the path […]

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Cranmer: Conservatives launch Debt Clock

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  •   Dec-9-2009
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Via Cranmer: Conservatives launch Debt Clock: What you could buy with the interest on Labour’s debt: If Britain was not going to spend £63.7 billion a year on debt interest, we could: Abolish fuel duty, inheritance tax, and stamp duty or Abolish council tax or Pay for 1.5 million extra police officers or Pay for 1.6 million extra teachers or Pay for 1.9 million extra nurses or Cut the basic rate of income tax by over 13p. Britain will spend more […]

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How to avoid future encounters with financial meltdown » The Cobden Centre

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  •   Nov-18-2009
  •   Business, Politics
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My Cobden Centre colleague and Chief Executive of Tyler Capital, James Tyler, explains how we came close to financial collapse and what to do about it: Fractional Reserve Banking (FRB) is an inherently unstable complex system. Each and every bubble and crisis has some kind of link to FRB, going back thousands of years. Even where financial crises are caused by natural disasters (the San Francisco earthquake of 1906 being a prime example), the financial crisis only followed because banks […]

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Irving Fisher, “100% Money”

Via The Cobden Centre » Honest money, a summary of economist Irving Fisher’s “100% Money”: The 100% proposal is the opposite of radical. What it asks, in principle, is a return from the present extraordinary and ruinous system of lending the same money 8 or 10 times over, to the conservative safety-deposit system of the old goldsmiths, before they began lending out improperly what was entrusted to them for safekeeping. It was this abuse of trust which, after being accepted […]

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Steve Baker is the Conservative MP for Wycombe.

Steve was first elected to Parliament in 2010. He was previously an RAF engineer officer then a consulting software engineer. Find out more...

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