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In the House today: Financial Services and Prudential Requirements

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  •   Mar-19-2012
  •   Politics
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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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The Government has more work to do against regulation

The British Chambers of Commerce has published a report showing that the Coalition still has a long way to go to tame the state’s mania for excessive regulation. Red Tape Challenged? reveals that 42% of new regulations are not covered by the Coalition’s One-In, One-out (OIOO) rule for regulations. This is because they concern tax or the environment or come from the European Union. Such a high figure – if it continues – will make a mockery of the Coalition’s aim to be the first administration to […]

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The Government’s business strategy

The Government recently announced a number of policies to help British businesses. They have launched the updated and overhauled businesslink.gov.uk website. This is now the primary gateway for businesses, of whatever scale, seeking support and information from the Government. It’s backed by a new telephone contact centre and many thousands of new business mentors. They have launched a new nationally-delivered Manufacturing Advisory Service to help small and medium-sized manufacturers to grow. It is estimated that this will help generate £1.5 […]

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A well-attended EU Fresh Start meeting

I just attended the inaugral AGM of the All-Party Parliamentary Group for EU reform, which was well attended by colleagues from across the range of opinion, all concerned about the effect of EU regulation on jobs and the economy. I asked that we consider democracy and the classical rule of law as the subtext to all our detailed work. Via the website, EU Fresh Start: UK citizens want co-operation and free commerce with our partners in the European Union, but a majority […]

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Financial regulation and the deception of government intervention » The Cobden Centre

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  •   Jun-1-2011
  •   Business, Politics
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I have written today on financial regulation for The Cobden Centre: In the aftermath of the financial crisis, we are now going down a road towards ‘judgement-based’ regulation of financial firms in an attempt to salvage capitalism. It is proposed that firms will be supervised by what amount to shadow management teams of disinterested, public-spirited individuals more able to reach sound views than firms’ own management teams: they shall possess “the optimal experience and technical ability”. Quite where these mythical philosopher […]

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EU regulation of the City

Syed Kamall MEP recently reported on EU regulation of the City: Having made a scapegoat of the City – and with no willpower to establish a new regulatory framework which would eliminate the moral hazard of banks being too big to fail – the last Labour Government quietly handed over the keys to the City to the European Union… In January the new authorities started operations, and it is only now that many in the City are waking up to […]

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Inflation and over-regulation

I had the pleasure this morning of visiting a medium-size third-generation Wycombe family business. These were the issues which came up: * Inflation is now distorting their business at all levels, from customers’ needs, through staff pay to input costs. * Over-regulation is grotesque in their industry. They must comply with over 12000 pages of rules introduced in the last ten years to protect consumers. Those rules don’t protect their customers; they protect the business and their suppliers. Meantime, the […]

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How to transform a nation in ten steps

Brought forward. I was challenged last night to advocate flat taxes. Here’s one of my previous posts which does so. Another is here (you will have to forgive the oversize graphs). The Georgian recipe for “an amazing transformation”: Low and flat taxes Legislative commitment to reducing the government’s fiscal footprint (IE spend less!) Deregulation and cutting red tape And thereby suppressing corruption Unilateral free trade: no import tariffs or barriers of any kind Very flexible labour legislation No sector or […]

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A practical burden of regulation

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  •   Jun-6-2008
  •   Politics
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The cost of Beth’s GMC registration in 1999: £80. The cost today of Beth’s GMC registration: £390. What does Beth get for this? Messed about. What does the taxpayer get? Questionably, more effective regulation of doctors, but they do get to pay: it’s allowable against tax. An end to Shipmans? Unlikely.

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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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