The British Bankers Association are trying out there one and only negotiating tactic again. Speaking yesterday, and reported in the Guardian, their spokesperson Angela Knight said:
If we continue to demonise our own banking industry, there is no shortage of other jurisdictions which will leap at the chance of taking the business if we chose to discard it in this way, as we have done with many of our great industries in the past.
Yes, that’s it — ye again they say “we’ll go unless you’re nice to us”.
To which the answer is simple — “The door is over there. Please shut it after you.”
Why do I say that? Because she continued, clearly aiming at Lord Myners and Lord Turner:
Those who have the opportunity for public platforms also have a duty to use that opportunity advisedly. If the price of gaining headlines and column inches in the short term is the cost of jobs and our country's economic prospects in the long term then the price is simply too high.
Public criticism by "our authorities" had damaged Britain's negotiations over international principles on pay and regulation, being discussed by Brussels and the G20 leaders meeting in Pittsburgh.
The future of the global financial system is being decided and these very significant changes that will result will cover the UK. Whilst many of the points that are being made may be correct … the manner of the criticism is not helping our negotiating position
Now what is it you don’t understand Angela? The UK negotiating position — the negotiating position of all at the G20, with variations, I know — is that your activities are anti-social, impose too great a cost on society, are harmful to well-being and need to be much better regulated.So where are you heading for when you quit?
No Switzerland, for sure. no any UK territory — they’re all going bust. certainly not within the EU. Singapore? Easy to blockade — sorry. Panama? I don’t think so. Japan — not a place for bankers, I think.
So China is left? Are you serious Angela? Is that it? We’ll all up-sticks for Shanghai? Forget it. I don’t believe you.
So we’ll carry on ignoring you — because the truth is out and cannot be put back in the lamp. What you do is anti-social, and really not that government friendly (you may have noticed). Which means they neither owe you favours or need to heed your hollow threats.
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British Bankers’ Association here. Fair comment Richard, but please give us an opportunity to make a few more points.
In recent years the City has become the world’s financial centre, which is partly why it has been hit so hard by the global downturn. Financial services accounts for around 15 per cent of our GDP – it’s our last major export industry – so we can kiss it off if we want but it’s not going to hasten the recovery.
We at the BBA are working hard with the Government and regulatory authorities to ensure we make the necessary changes in the way we do business to restore confidence in our industry. Angela’s point was not that anybody in the industry was going to strop off overseas if they didn’t do what we want. It was that we have fought a hard battle against a lot of competition to make this the world’s financial centre, and there are any number of other countries which would snaffle the business if they thought they could. And comments such as these are feeding their optimism that they can.
That’s all. We are not confronting nor threatening anyone; we are trying to build a consensus that will help to secure our economic recovery.
Recovery from a recession that has affected billions worldwide caused by the world’s financial centre.
Where is the contrition?
Any ‘accident’ of this magnitude in any other walk of life would have seen mass resignations and grovelling forgiveness.
So you say Lessons Have Been Learned? Is that good enough for the future generations in developed countries without hope, jobs or a sense of identity? Or the increased resource wars through the developing states desperately needing for people to stop fleecing them just so they can get a drink of water now the aid agency has run out of funds and the finances of the country are in the hands of accountants from elsewhere.
Basically, the competition you beat weren’t as good as wrecking my children’s future.
Jesus really does weep.
Are you proud? Because your counterparts in Guernsey seem very pleased. At what stage are you going to thank someone?