Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-161"
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"en.20100922.20.3-161"2
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"Mr President, the distant rumble we can hear is the EU’s barrage, its opening assault on the prosperity of the City of London, whose prosperity sustains the surrounding economy of my constituency.
The new supervisory architecture, which this House has just voted through with an enormous margin, is not a proportionate remedy to an identified problem. No one has convincingly demonstrated – no one has even seriously tried to argue – that the measures we are putting in place would have prevented the financial crisis two years ago. What we are seeing rather is measures driven by envy, by resentment of London’s position, and by hostility to capitalism as a model.
You can blame an awful lot of people for the credit crunch – you can blame the banks, you can blame the regulators, you can blame the governments for keeping interest rates too low for too long – but you cannot blame managers of private equity who were rather among the victims and who took their losses on the chin and who did not come bleating for bail-outs.
The people in those industries are not going to sit around waiting for Commissioner Barnier to send in his inspectors. Already they are emigrating to Switzerland, to Shanghai, to Singapore – leaving London, and the EU as a whole, the poorer."@en1
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