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In the House today: Financial Services and Prudential Requirements

This afternoon an EU document relating to Financial Services and Prudential Requirements was placed before the House of Commons. It was not debated: debate took place in Committee last week. I attended, though I was not formally assigned to the Committee. The EU’s proposals amount to further European Union encroachment and unnecessary regulation: the document, rather than teaching granny to suck eggs, teaches bankers to make loans. It is fundamentally misguided. The EU’s preoccupation with attempting to regulate away the […]

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Royal Bank of Scotland told by MPs to explain £25bn accounting ‘distortion’ – Telegraph

The Telegraph picks up my Bill on bank accounting: David Davis, the former Tory front bencher, and Steve Baker, the MP for Wycombe, have called for RBS to prove that its accounts are not being distorted by the controversial International Financial Reporting Standards (IFRS). The letter, seen by The Daily Telegraph, details a disagreement between the MPs and RBS at a private meeting on May 24. The MPs argued that IFRS, which has been described as a “fatally flawed” system, […]

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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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Douglas Carswell MP: How should we reform the banks?

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As Douglas Carswell MP reports, I will be supporting him next week as he introduces a ten-minute rule bill to begin reform of banking. As he writes: It’s the current system of scam banking that has given us today’s credit shortage. It’s the crony corporatism we have now that so damaged capitalist economies – bringing about a massive extension of state power. Under my plan, you would still have credit – but credit that was backed by real savings.  And by virtue of being backed by someone […]

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