Mike Vickers' Blog

October 27, 2018

The Second Coming – WB Yeats

Filed under: Anna Soubry, Brexit, Europe, History in the making, Italian, Poetry, Politics, Yeats — derryvickers @ 10:06 pm

La Seconda Venuta

Girando e girando in allargamento gyre

Il falco non può udire il falconiere;

Le cose cadono a pezzi; il centro non può reggere;

La mera anarchia è sciolta sul mondo,

Il sangue oscurato marea è sciolto, e ovunque

La cerimonia dell’innocenza è annegata;

La migliore mancanza di ogni convinzione, mentre il peggiore

Sono piene di intensità passionale.

 

Per leggere il resto  della poesia vedere poesia la Seconda Venuta da W B Yeats
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It’s an uncomfortable Truth but many now believe Brexit can’t be delivered – by Anna Soubry

Filed under: Anna Soubry, Brexit, Europe, History in the making, Ireland, Italian, Politics — derryvickers @ 9:50 pm
Per i miei amici italiani

È una verità scomoda, ma molti ora credono che Brexit non può essere consegnato.

Non mi fa piacere osservare il caos e la confusione dei negoziati Brexit. Non dubito che il nostro primo ministro abbia fatto della sua meglio per fornire il risultato del referendum UE e lasciare l’Unione europea.

Ma come molti ora vedono, non è solo molto più complesso e difficile di quanto si creda o sia stato detto, cercando di trovare un Brexit che soddisfa la domanda di molti che vogliono lasciare, pur garantendo la pace in Irlanda del Nord, è quasi, ma impossibile. Comitato di selezione dell’Irlanda del nord in Parlamento, i cui membri sono quasi esclusivamente sostenitori del congedo duro, ha prodotto una lunga e ponderata relazione su come evitare una linea duro tra l’Irlanda del Nord e la Repubblica.

Hanno concluso che non vi è alcuna tecnologia per risolvere il problema e ha riconosciuto l’importanza di assicurarsi che il vecchio confine fisso non ritorni.

La libera circolazione delle persone e delle merci attraverso il confine è fondamentale per il mantenimento della pace. È anche molto utile per le imprese in tutto il Regno Unito.
Quando lasciamo l’Unione europea, siamo impostiamo a lasciare l’Unione doganale e il mercato unico che permette quello che chiamiamo commercio senza attrito-che permette la libera circolazione.

La nostra adesione continua al mercato unico e all’Unione doganale è anche ciò che gli imprese britannici vogliono poiché sono fondamentali per fornire prosperità e posti di lavoro.

Ma il primo ministro e molti sostenitori di Brexit, in particolare in Parlamento, insistono che dobbiamo lasciare entrambi e fare qualche nuovo accordo commerciale con l’Unione europea.

Basato su un Blog di Anna Soubry

Regno Unito Parlamento MP

October 19, 2018

It’s an uncomfortable truth but many now believe Brexit can’t be delivered

Filed under: Brexit, History in the making, Politics — derryvickers @ 9:56 am

I am not a Tory but Anna Soubry has it right.

_______________

It gives me no pleasure to observe the chaos and mess of the Brexit negotiations. I do not doubt our Prime Minister has done her best to deliver the result of the EU Referendum and leave the EU. But as many now see, it is not only considerably more complex and difficult than anyone believed or was told, trying to find a Brexit that meets the demand of many Leavers whilst securing peace in Northern Ireland is all but impossible. Parliament’s Northern Ireland Select Committee, whose members are almost exclusively fierce Leave supporters, produced a lengthy and considered report on how to avoid a hard border between Northern Ireland and the Republic. They concluded there is no technology to solve the problem and recognised the importance of making sure the old fixed border did not return.
The free movement of people and goods across the border is critical to the maintenance of peace. It is also very good for business across the United Kingdom.
When we leave the EU we are set to leave the Customs Union and Single Market which allows what we call frictionless trade – that free movement. As you know I have argued and voted for both, notwithstanding the threats of de-selection, violence and considerable abuse.
Our continuing membership of the Single Market and the Customs Union is also what British business wants as they are critical to the delivery of prosperity and jobs. But the Prime Minister and many Leave supporters, notably in Parliament, insist we must leave both and strike some new trade arrangement with the EU.
You were promised such a deal would be sorted before we leave the EU next March. Those negotiations have barely begun and there will be no deal to implement in March. So, some “back stop” is needed to ensure there is no hard border in Northern Ireland until the technology is developed or some magical trade deal is agreed that confers the free movement of a soft border.
As we saw last weekend, the Cabinet and parts of my party can’t even agree on that back stop. The reason, I am sorry to say, is both stubbornness over “red lines” and ideology.
But there is also this, and it is an argument I admit is powerful. If we stay in some form of Customs Union and/or the Single Market, we have no say over the rules that would govern our trade – we would be a rule taker not a rule maker, even though we would be paying a lot of money in effect for membership of both. Many argue they voted leave to restore our country’s sovereignty (I don’t believe we ever lost it) but in any event, they make an important point.
We cannot walk away without any deal as the consequences would be profound and I do not see any prospect now of Parliament agreeing to any deal.
There was such a time but the Prime Minister failed to seize that opportunity and build a consensus which would unite our country.
The only solution to the mess and chaos in my opinion and amongst a growing number of colleagues, is a People’s Vote – to take this most important matter for decades back to you the people. That’s what I shall be marching for in London tomorrow. Let me know if you would like to join me.

I [Anna Soubry] asked the Prime Minister a question in the above terms on Monday and you can read it here and watch it here

October 14, 2018

Festival of Politics

Filed under: Edinburgh Festival, History in the making, Land Ownership, Politics, Scotland — derryvickers @ 8:29 pm

For the last 15 years The Scottish Parliament has been holding a Festival of Politics.  The festival typically provides 20 events: talks and panels on topics of political interest both current and from the past,  local and world wide.  I have attended for the last three years and below I provide very brief summaries as to what I picked up from the 5 events I attended this year.

Red Clydesiders

Panel: Maggie Craig (Writer on Scotland); Billy Kendrick (from Dundee and it showed); Prof Ian McClean (Oxford University) and Monica Lennon MSP Chair (Labour, Central Scotland).

Introductions by all on Red Clydeside but see https://en.wikipedia.org/wiki/Red Clydeside for more.

The speakers emphasised the role of women in the strikes and the movement as a whole; MC in particular considered that the role was / is almost wholly ignored.

Religious intolerance rife during the WW1 War Years.

Names of the persona were remembered. There should be a plaque in 2019 to recognise Red Clydeside.

The real start of the Labour Party (ILP) but the Communist association had been around for some time. Council Housing after WW1 was good quality but has got worse ever since (IM).

The current problem with the Labour Party is the lack of leaders.

What Glasgow did, Dundee did it too (BK).

People Parliaments Possibilities

Panel: Birgitta Jonsdottir (Iceland, mother and political activist: https://en.wikipedia.org/wiki/Birgitta_J%C3%B3nsd%C3%B3ttir); Brett Hennig (Sortition Foundation, Australian); Jamie Kelsey-Fry (professional panellist) and Shelagh Wright Chair (daughter of Canon Kenyon Wright).

BJ described drawing up the proposed constitution for Iceland; she was very proud of the work done. But constitution so far rejected by the parliament.

Current Elections ‘aristocratic’.

BK: Democracy by random selected committee (Sortition); applied in Ireland for change to Abortion Laws group assembled for a few weeks and then became the then current law.

JKF: throw out everything, economics is broken and start again even the laws; Taxation is politics. Remember the Occupation of St Pauls. All the good work being done in Madrid by new woman mayor; Frome is moving this way.

All agreed that the Young should lead the way.

 

In Conversation with Dame Margaret Hodge held in the main council chamber

Ken Macintosh (Presiding Officer, Scottish Parliament)

Margaret Hodge one-time Chair of the UK Public Accounts Committee 2010-15

MH, a Jew, came out of Germany before WW2; Welcomed into the UK in London and became a Labour supporter immediately and still is; she is still an MP for Barking.

An economist by trade

She was Council Leader for Islington and remembers Jeremy Corbyn well (MP for Islington North). Corbyn is still quoting the same policies he said 20 years ago

Have never been close friends leading to Corbyn’s Anti-Semitism remarks direct at Hodge.

Not a practising Jew and critic of Israel’s treatment of the Palestinians but still fell out with Corbyn

She managed the Public Accounts Committee through consensus. Her track record was 246 out of 247 successes. Lost the Royal Mail privatisation which she most regrets. Journalists can be on your side through good relations but its so easy to lose connections.

One needs to recognise the value of money

Auditors help Governments to set the rules then sell themselves to large companies to circumvent the rules. This is immoral.

She was persuaded to put one person under investigation under Oath but then couldn’t find a Bible. Since then she believes that putting people under Oath is correct. Money Laundering is rife.

The HMRC make tax deals but as the HMRC is not a ministerial organisation these deals remain undisclosed: this needs correction.

Governments are little better: the justification for the two aircraft carriers was not forthcoming by Gordon Brown.

Global Companies are not moral despite what they state. Needs to be one unified global set of accounts. Facebook has never been held to account.

Final words; Build Trust, Connect with People, still supports Labour values.

 

A Forgotten History: The Scottish Clearances

In Conversation with Tom Devine held in the main council chamber

Ken Macintosh (Presiding Officer, Scottish Parliament

Professor Tom Devine: historian of Scotland – excellent speaker

Professor Stana Nenadic in attendance

The Main debating chamber was full as well as the public gallery

The Clearances: forgotten – well not by the audience!

The subject was Tom Devine’s new book on the Scottish Clearances. He frequently emphasised that his book is totally underpinned by historical research over 30 years.

TD has given as much attention to the Lowland Clearances as to the Highlands. He doesn’t dismiss the Highland Clearances but considers they have been for the last 150 years romanticised. John Pebble’s book is a good read, sold over 25,000 copies, but has a lot to answer for; Victorianism has not helped.

Tartan Products are the best-known brand worldwide. TD considers the Lowland Clearances started first and Lowland Managers migrated with the lessons they learned to the Highlands. TD considers the Lowland clearances were much more subtle; a tenancy agreement came to an end and the tenant was out. In the Highlands durcus (correct word please) remained strong and new landlords with little interest in it just deposed the crofters.

SN believes a major driver of the clearances was the landlords’ need for money to support their elevated life style (conspicuous consumption); gentrification.  Typically, families would have ten or more sons who just couldn’t be supported on the land; joined the army and were with their tenants the backbone of the imperial regiments about, Waterloo. Their tartans help builds the brand.

 

Who Owns and Stewards Scotland

Panel: Andy Wightman (the Poor had no Lawyers); Bob MacIntosh (Land Commission); Ninian Stuart (Centre for Stewardship); David Johnson (Scottish Land and Estates Commission) and in the chair Deputy Presiding Officer – Name please.

There are few owners of land in Scotland; most small farmers are tenants. Agreed that the drive must be to get more young people under 30 on to the land.

Land value is very difficult to assess; AW land value near towns gets out of control once planning permission sort.

Land Value Tax brought up, but DJ said many reasons why difficult to quantify.

House prices fluctuate widely cf Germany where prices have been stable of years; the Germans heavy investment deposited in banks which is reinvested in new businesses.

Secure Tenancy is drying up as landlords unwilling to be unable to terminate at tenancy end. Nevertheless, Land is still a free market.

Brexit will make a difference in subsidies and margins which are already very small will reduce further.

Climate change will drive tree planting and NS is keen on huts but not holiday homes.

DJ expressed the need for much better understanding across the communities

Government needs to be more active in stewardship and technology is becoming very important.

The Land Register is improving. Common Good needs to be better document (AW).

AW is looking forward to a new Land Reform Bill hopefully next years

But surprising the meeting was low key with little acrimony.

If I could have remembered the Author I would have stood up and quoted Mark Twain

“Buy land. They ain’t making any more of the stuff.”

August 23, 2018

I despair of the UK’s current government

Filed under: Brexit, economics, Left Politics, Politics — derryvickers @ 4:31 pm

In an article in today’s Guadian I find

So why would they [Fox and co]want a no-deal? A group of hard-right Brexit economists has proposed the unilateral abolition of UK tariffs, which they openly admit would see the loss of our manufacturing base. They think this would be a good thing, and propel us into a new, service-based economy. That is why Fox and Dominic Raab and Boris Johnson and Michael Gove are not concerned about crashing out on to WTO rules – they believe it would enable them to turn Britain into a deregulated free-market economy like Singapore.”

Read the full article:

https://www.theguardian.com/commentisfree/2018/aug/23/labour-tories-no-deal-brexit-brexiters-cliff-edge-vote?utm_source=esp&utm_medium=Email&utm_campaign=Opinion+UK+connected&utm_term=284123&subid=29298&CMP=ema_opinionconnectuk

As I recall West Germany built its current enviable finance position by re-building its manufacturing after WW2

As I further recall the UK built its world standing position in the 19th century partly because of it Empire but the Empire provided it a preferential position to export its manufacturing.

December 14, 2016

Aleppo – an abject failure of the West

Filed under: History in the making, Left Politics, Politics, USA, War — derryvickers @ 2:23 pm

It would have been quite possible to provide food and medicine to Aleppo using gps guided-parachutes. https://www.theguardian.com/world/2016/dec/08/push-for-east-aleppo-aid-drops-using-gps-guided-parachutes

Even on Saturday Corbyn stood stony faced and silent why Peter Tarchell demonstrated for air drops. One expects such response from the Tories but not from Labour.

https://leftfootforward.org/2016/12/peter-tatchell-aleppo-is-todays-guernica-where-is-labour/

But I can remember the Berlin Air lift, https://en.wikipedia.org/wiki/Berlin_Blockade, and I note a comment in Wiki as to why the Soviets did not interfere: ‘ The Soviets did not disrupt the airlift for fear this might lead to open conflict’. It is likely to have been the case with Aleppo,

Of course it was far too late on Saturday but this is likely to be a further nail in Labour’s coffin.  It could certainly be the most serious indictment of Obama’s term of Office.

November 13, 2016

Trump as Machiavelli’s Prince

Filed under: A Point of View BBC Radio4, Europe, History in the making, Politics, USA, War — derryvickers @ 1:00 pm

From an article by Martin Kettle in Friday’s Guardian:

He is an anti-liberal president for post-liberal times. He embodies extreme hostility to social liberalism – in the form, to take a few examples, of his contempt for ethnic minorities, his hatred for Muslims, his indifference to due process, his dismissal of rights, his willingness to use torture, his mocking of the disabled, his dismissal of political correctness, and above all, perhaps, his attitude to women. He is not alone in these attitudes in his party. Indeed, in some respects, Trump is the culmination of the deep-rooted hatred for social liberalism,’

https://www.theguardian.com/commentisfree/2016/nov/10/donald-trump-voters-liberal-order

Yes of course, Kettle is talking about Trump but could Kettle be equally talking about the Leader of ISIS.  I first thought, Yes; but on second thoughts No.
The Leader of ISIS, I would suspect, believes he is right: the West has polluted the world and its effects must be eradicated. 

Trump has no such high ideals for the USA; other than his self-aggrandisement: in this respect he is Machiavelli’s Prince.

From Wiki

‘The descriptions within The Prince have the general theme of accepting that the aims of princes—such as glory and survival—can justify the use of immoral means to achieve those ends:….He who neglects what is done for what ought to be done, sooner effects his ruin than his preservation’

Trump is no fool; he worked out that by speaking as he did he would appeal to enough floating voters to become President. This he has achieved.

But like the Prince he needs to hold on and that means winning another term.   In recent times there have been only two One Term Presidents: Jimmy Carter and George H. W. Bush and Trump doesn’t want to be a third; after all he has been trying long enough to become President. What’s going to stop Trump doing another Term and already he has started to change his tone . Using the same obnoxious techniques won’t work a second time; he needs to do something different and he has already decided that he needs to tap into broader group of voters; he has chosen that he needs to embrace the centre. He cosies up to Obama– they had ‘in Trump’s words’ a great meeting, lasting over an hour while only a ¼ hour was planned (thought why Obama puts up with Trump longer than the minimal ¼ hour is unclear – perhaps in the hope that ObamaCare will survive). Trump’s new song is that ObamaCare may not be that bad after all and putting Hilary in prison is not now top priority. Washington will be ‘a great lot of folks’ now they ‘understand’ Trump; and NATO may just be worth spending on.

https://www.theguardian.com/us-news/2016/nov/12/donald-trump-appears-to-soften-stance-on-range-of-pledges.

Of course Trump may do it ‘his way’ and fail miserably; but he’s probably astute enough to know at Presidential level you have to get more than 50% right and to achieve this level you do need a few right thinking people around you.

But at the next Presidential election there will be Elizabeth Warren to contend with; and the American women who voted for Trump may come to realise that then is the time to blow ‘the Glass Roof’.

PS I commend readers to listen to Roger Scruton on ‘A Point of View’

http://www.bbc.co.uk/programmes/b081tkmc#play

November 11, 2016

Something’s rotten in the State of Denmark

The first impression of St Petersburg is that the city is so like any city in the West.  So many shops with Western Brand names.

The dominance of the consumer society even in ‘Communist’ Russia.

Leaving St Petersburg is even worst – just like departing Edinburgh Airport – the same maze of booze and perfume shops.

Western consumerism has even taken over Lenin’s Russia; he would have turned in his grave.

So how has this anything to do with the Trump disaster; not that I expect that Trump can in anyway live up to his despicable rhetoric? And he looks to be changing already

Consumerism is ‘The opium of the people’: it has failed in the US as it has failed in the North of England: there just isn’t any money to spend due to so many things; lack of jobs, austerity ; and those who used to, but no longer have the money, they are the ones, who are now rejecting liberal democracy.

The days of deregulation have blown the lid off so many things.

So what can we do about it and do about it we must, not for us but for our children.

Well I am coming round to Scottish Independence – I did vote for it in the Referendum but only in a half-hearted way.

Now it’s a must.

Scotland has at least set out a Future in the White Book (thought of course it is OTT) and Scotland needs to implement it.

Neither Brexit, Corbyn and Hillary have anything to say about the future: and of course Hilary failed because of it.  Trump unfortunately did have something to say and it was nasty but it appealed to the ones that had but not now.

As a start, what Scotland requires is political education in the schools.

I pick up something that came over in a recent David Hume lecture on the Big Bang

‘HB (Hamish Buchan) related to the Stewart Ivory scheme for providing education on Finance to sixth forms but this can only go so far as it is not yet an examinable subject and the scheme can only provide 100 mins per school’

Every school child and I mean every school child needs to know about democracy and what is politics, what is capitalism and what Marx had to say about it.

Religion is dead and rightly; but Consumerism is not its replacement with its basis of individualism.

There has to be something better and that is Community – which after all, was what yesterdays’ event on Scotland’s Towns Conference in Kirkcaldy was all about.

I came to politics far too late but the kids of today must be taught, so that they can take a rational and where necessary a passionate view when the time comes to act ie vote.

David Hume is reputed to have stated :

Reason is, and ought only to be the slave of the passions, and can never pretend to any other office than to serve and obey them.

But of course Hume was a reasonable man.

BTW Kirkcaldy has a great Art Gallery including the Colourists and at present paintings and drawings by Kate Downie of the three Forth Bridges

And then again Martin Kettle’s article in yesterdays Guardian is a good read

https://www.theguardian.com/commentisfree/2016/nov/10/donald-trump-voters-liberal-order

November 10, 2016

The UK and Scotland post Brexit

Filed under: Brexit, DHI SPIF, Europe, Ireland, Politics, Scotland, Scottish Independence — derryvickers @ 8:23 pm

A seminar given by Lord Gus O’Donnell to the David Hume institute on Tuesday 8th November and chaired by Charlie Wood.

Just in case you didn’t know Gus O’Donnell was Cabinet Secretary to the Westminster Parliament from 2005 t0 2011 covering three Prime Ministers, Blair, Brown and Cameron.

O’Donnell spoke at a rate of knots and assumed we all know Westminstereese; which I for one don’t!

That said the points I did capture were:

  1. David Hume’s much quoted ‘Reason is the slave of the Passions’
  2. Cameron made a big mistake on launching the Referendum
  3. Take Hard Brexit with a pinch of salt
  4. Migration problems are all over Europe – it is / will be a massive matter
  5. The UK will not adapt the Norwegian Solution to interfacing with the EU: it will be bespoke and will cost.
  6. Very little progress will be made during 2017; There will be Transitional Arrangements to cover the negotiation gap
  7. The funding gap left by the absence of UK revenue contribution will need to be made good by the remaining 27 members; they are not happy
  8. It will be difficulty for Teresa May to ensure Cabinet Collective Responsibility; it has already failed with Heathrow
  9. Effects of Brexit
    1. The Paris Climate Change agreement is in danger
  10. Limiting Migration into UK
    1. There is a Global shortage of skilled labour
    2. Canada is already enticing Finance Professionals from London
  11. The Single Market is essential
    1. Accommodation to maintain
  12. Productive in UK stopped in 2008
    1. Scotland is 2% to 5% lower than rUK
    2. 5% down on Assets
  13. Scotland will have 40% more control over the levers
    1. ½ Scottish revenue to be raised locally
  14. Sturgeon’s 5 tests
    1. O’D has a good opinion of Sturgeon
  15. Independent Scotland: O’D stated that in his experience from Canada and Quebec, independence is going away as older people die
  16. The terms of trade will not change for the UK after Brexit. They will be the same with the WTO – GATT rules will prevail
    1. The UK will not be able to pick and choose eg no separate agreement for Cars eg Nissan or for Finance
  17. The EU rules of the Single Market go way beyond CETA
  18. To trade in the EU after Brexit the UK will still have to follow the EU acquis
    1. The Great Repeal Bill will be no more that the UK importing the EU acquis into UK Law
    2. Regulation will not disappear; merely EU Regulation repatriated
  19. The UK government will be fully involved in the Brexit follow up to the detriment of Health, Education, and Public Services.
  20. The UK financial position distorted by Quantitative Easing: Deficit still too large, Rich people favoured. Need for special taxation
  21. Fundamental Alternatives are required. The Treasury has a host of plans but they will be ignored by the Westminster Government
  22. Article 50 is not neutral, it favours the rest of the EU
    1. It will be like 27 people playing one person in a game of chess
    2. The rEU very upset with the UK
    3. The trade-offs will be difficult to achieve
  23. It would have been better to trigger Article 50 this Autumn
  24. Vote Leave correlated with Inequality
  25. Brexit very different for Ireland and for Scotland. There must be Public Debate
    1. Agriculture is a nightmare
    2. Finances not easy
    3. Fisheries
    4. Energy easier and should be targeted
  26. Devolution while grudgingly given proved a useful experiment
    1. Westminster incredibly centralised
  27. Sturgeon is right on migration
  28. In response to Jeremy Peat, O’D agreed that Social Media could be the death o0f Rational Decision making. Democracy is in peril
  29. The Westminster Parliament has accepted Robots for manufacturing but has failed so far to considered for office working
  30. Gus O’Donnell’s family moved from Ireland in 1852 and he is going back for a visit.
    1. He cares enormously as to what happens in Ireland
    2. He praises the work done by Blair
    3. A disaster if border reintroduced following Brexit
    4. But believes a solution will be found.

October 30, 2016

The Big Bang 30 years ago: The unintended consequences of deregulation and its role on broken Capitalism

Filed under: Corporates, economics, Politics — derryvickers @ 10:38 pm

A Seminar  at the David Hume Institute on 27 October 2016
Given by Philip Auger and support from Hamish Buchan and Sir Tim Nobel with Owen Kelly in the Chair.

Some of the points that Philip Auger made that got to me were:

  1. The Labour Government of 1974-5 saw the Stock Exchange as a closed shop but it remained until 1983 – 86 Tory Government to do much about it and on 27th October 1986 they kick off the Big Bang
  2. The trading floor disappeared along with Jobbers and Brokers and their tasks were largely replaced by on-line technology. And with them a network of trust and confidentiality. TN later illustrated this when a large Organisation indicated a desire to sell its shares but before they had a chance to do so the market was forewarned and the share price had already fallen.
  3. During the next ten years UK indigenous firms failed and were quickly swallowed up by big US Firms who moved in and brought in the US ways of doing business.
  4. The City flourished and during the Blair years the City could do no wrong.
    1. The City’s advantages were: The Greenwich Time Zone, the UK Legal System and the UK speaks English.
  5. But what suffered during these years was the fact that the Stock Exchange was no longer small, there had been trust and shares were for life and as stated above dealings were confidential. The Stock Exchange had been a ‘cottage industry – now no more.   Technology allowed share trading to become transactional – the personal touch just disappeared.
  6. A major consequence was that trading became just for profit and the more trading the better the profit. The Stock Exchange became a ‘casino’ with the Devil take the hindmost. Greed set in
  7. And Greed spread to the Companies whose shares were traded: not just the CEOs but Greed permeated downwards.
  8. And as the South East is permeated by the Finance Business so Greed has spread to all. PA considered the same is true in Edinburgh. A couple of speakers mentioned John Kay’s book ‘Other People’s Money’.
  9. The Finance industry has grown to such an extent that there is now more Sales Men than Clients!
  10. To Questions the Panel answered
    1. PA believes the City will get a special deal on passporting following UK leaving the EU
    2. But Finance will inevitably move towards Europe – it has already started to happen.
    3. Edinburgh is already getting smaller with the loss of two major banks
    4. Nevertheless PA considered that the City will carve out a new role for itself; but it is essential that there is no race to the bottom
    5. PA had worked with David Davis and he believed the Davis would be a shrewd negotiator for the UK; he was also sympathetic towards Theresa May.
    6. Have the Banks learned anything from the Crash? Well not much. Some form of bonus mechanism is essential in a Capitalist World but this should be based on Customer Satisfaction rather than forced selling at the counter. The key will be ‘The Reputation of the House’.
    7. PA considered that Banks must get back to service and living with modest profits between 5 – 8%.
    8. HB related to the Stewart Ivory scheme for providing education on Finance to sixth forms but this can only go so far as it is not yet an examinable subject and the scheme can only provide 100 mins per school.
    9. As to the Stock Exchange – its role as an all embracing centre for trading is declining; large business can trade amongst themselves; but TM considered that medium sized start-ups do need a source of capital and the Exchange can provide the mechanism. The Stock Exchange also provides an index of market value.
    10. PA wondered whether the merge between the London Stock Exchange and Deutsch Bank will still go ahead?
    11. More generally Companies should consider broadening their raison d’etre and be willing to expand their boards to include staff and customers and I would add union reps as Germany. The 2006 Companies Act goes some way but he expects a Green Paper soon. But he noted that the CBI is not in favour of expanding Board membership in this way.
  11. PA summed up as ‘the Big Bang led to ‘greed, growth and gambling’

It was a good evening but I came away without a clear understanding as to ‘Broken Capitalism’ and what is the future. Capitalism can’t just be broken because of ‘Greed’ and, as is oft repeated, Capitalism is much better than Communism.

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