Boris drops a brick


Writing in the Daily Telegraph (May 11th), Boris Johnson talks a good story about EU renegotiation and reform. (I think he’s entirely wrong about the potential for reform – but that’s another story.  The EU is beyond reform, and deserves to be put out of its misery).

One particular sentence hit me: “The best and cheapest way to kick-start growth (in the EU) is to complete the Single Market”.  He goes on to elaborate on this proposition in specific terms with regard to the single market in financial services.

The faith of the Tories in the Single Market is touching.  Early in my career, when asked if there was anything good about the EU, I used to reply that the Single Market was a great Conservative achievement – and for a while I actually believed it.  Later I realised that the Single Market is merely an old-fashioned Customs Union creaking under the weight of excessive regulation.

Boris says “We need to complete the market in financial services …. because every European company needs access to the capital markets to help it grow”.

Bizarrely, in the same paper, in the business section, Philip Booth (programme director at the Institute of Economic Affairs and  Professor of Finance & Public Policy at St. Mary’s University, Twickenham) makes almost precisely the opposite case – and he seems to me to know a great deal more about financial services regulation that does Boris.

He argues that attempts to create all-embracing financial regulatory architecture covering many different countries with widely varying financial industries has resulted in mind-numbing complexity, and has facilitated “regulatory capture”.  “Unfortunately, complexity begets more complexity, and quite soon, only experts in the subject will understand regulation ….this is a classic case of ‘regulatory capture’ by big business and bureaucrats”.  He concludes “In the EU, centralisation of financial regulation will raise the cost of doing business … we might end up with a single capital market, but it won’t be an efficient market serving consumers”.

In fact (and here’s some advice for Boris) the best and cheapest way to kick-start growth in the EU would be to dismantle our perverse energy policies (and in the UK, to repeal the Climate Change Act), and to follow UKIP’s prescription for secure and affordable energy.  Industry in the EU is paying broadly speaking double what our international competitors are paying for energy.  Energy-intensive businesses are closing plants on an epic scale, and moving jobs and investment out of the EU altogether.

I’ve said it before, but I don’t apologise for saying it again: out-going Energy Commissioner Günther Oettinger said that the EU can no longer afford a unilateral energy policy.  Out-going Industry Commissioner Antonio Tajani said “We are creating an industrial massacre in Europe”.

If the Greens are right about global warming, then with many hundreds of new coal-fired power stations in the global pipeline, the die is cast – nothing we do in Europe will make a scrap of difference.  And if the Greens are wrong, then their policies are utterly futile – but also doing vast economic damage.

So come on, Boris, point the finger at the real enemies – green policies, intermittent renewables – and Brussels.

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21 Responses to Boris drops a brick

  1. Maureen Gannon says:

    Bricks about sums this country up . a solid wall against democracy .

  2. tapestry says:

    See ‘voices from the gas fields’ – new video out on youtube. 40 million Britons will be living less than a mile from a gas well.

  3. Jane Davies says:

    The man is a buffoon and anything he say’s has little credibility. He set out to give himself the image of dotty eccentric on shows like “Have I Got News for You” with his contrived untidy hair and was very successful in that regard because as far as I’m concerned whatever he has to say now is irrelevant.

  4. David says:

    Yet again a brick from the so called Eurosceptic party, I mean camscons. There is a glimmer at end of long negotiation tunnel, now the lds are out of the way. Oh and welcome back Nigel, we missed you.

  5. catalanbrian says:

    Thank goodness UKIP is now a busted flush as is evidenced by the election results, so there is no chance of any of UKIP’s madness affecting the rest of us.

    • Ex-expat Colin says:

      Wrong again…so freaking wrong!

    • Brin Jenkins says:

      No one here on a UKIP blog is the slightest bit interested in lefty opinion Brian. You know like everyone that the electoral system is totally skewed, and seemingly corrupt as well.

      Would reforming our Electoral System stop the unfair advantage to the Conservatives have benefited your ideals? That would be worth discussion, unless a representation of the publics view continues as a low priority. Nigel may not be perfect, however he is by miles a more popular personality than any other politician presently in the UK.

      The current method of vote counting follows a catastrophic curve, once a critical point is reached it flicks. Like the electric light switch, you can only change your mind until the flick takes place. Positive feedback is always unstable like this, in a skidding car, negative input at the steering wheel corrects, positive input loses control and the car crashes.

      • Jane Davies says:

        I think Brian is a closet supporter! What other reason would there be to follow a blog of a political party that one hates. It would be like me following what other parties blogs, if there are any, are saying, I can’t think of anything more time wasting and boring. I would rather watch paint dry.

  6. Ex-expat Colin says:

    So really what you do is seriously attempt to ruin a country (Russia) and then have a few visits for a pint or three. Forget the advancing ruin of us of course.

    All the wee hairies into Westminster with the awkward leader on stage. Truly weird and I think these new people may learn some very sharp lessons v. soon. I do hope so!

    There are so many important issues to be reversed and in some instances shut down. Hope the BBC almost becomes the latter.

    Now that we have seen what a partially split UK has become and the impact on representation thanks to Blair and his following. How long will it be before the near 4 million in UK get represented over the much lesser amount of SNP and Greens?

    A few people seriously need to meet a brick…but don’t worry about the last lunatic he’s nae bothered….and whose villa got loaned I wonder? KW’s by chance?

  7. Mika says:

    What breaks my heart is the way that all the people who want to leave the European Super State are so divided. They are not even talking! I honestly think the word “Hate” is relevant here on some of the blogs.
    We need to combine and share our ideas in a friendly and helpful way. Otherwise Mr Cameron is going to present a couple of silly changes against theatrical opposition and we are stuck with the worst case – remaining in and becoming Greek.
    Let me help: EU Referendum blog has a careful list of all the world organisations which every single trading state has to abide by. The EU authorities capture these rules and do the negotiating for all the 28 countries and then pass them on, slightly altered.
    We have two choices: get onto the panel that devises the rules in every single case and make our own trading arrangements or accept the EU/world trading regulations.
    The question therefore is how to we set about it without breaking the law which Mr Brown signed us up for at Lisbon? Nobody is addressing this except Dr Richard North and he can be found at EU Referendum blog.
    Oh, sorry, I forgot, he and Ukip are not talking to each other!

    • Ex-expat Colin says:

      I noted that the gang of 5 rather treated Mr Farage and Mr Helmer (and other UKIP) with contempt or something very similar. That was during the leaders interviews and so on. Add the BBC N. London gang. Its was not difficult to identify. The likes of Sugar doing a running moan after the event was an example of the trougher gang. Oh, I had been telling Labour for ages, he says.

      None of them really had the good of the UK in mind…and still their followers whine on the streets. You lost…get used to it, like the rest of us had to.

      It appears that 3 million Labour voters went missing….seems it was the young leftie type. Young likely means anyone upto 50 in my view. Not forgetting the dumb over 50’s who voted as their Labour dad, aunt… et al did. Or it was the Brand frump factor?

      I look forward to the huge amount of opposition slap downs, including the EU.

      Panorama list night: (no UKIP here…of course not)

    • ian wragg says:

      The EU Referendum Blog should be renamed as “We hate UKIP and Nigel in particular”. Richard reminds me of my mother. Whatever was wrong with me was due to the fact that I smoked. Richard ends every blog almost with a rant against UKIP.
      Sadly he refuses to acknowledge that it was UKIP that forced CMD into offering a referendum as in 2011 he had a 3 line whip to prevent a vote in favour.
      People will not take the rants of Richard North seriously whilst he spends so much time slagging people off. He has his own mutual admiration society and I think that’s enough for him.

  8. Scott Thong says:

    May I say sir: Congratulations to the UKIP! The system at present did not allow for the kind of victory that was deserved, but the future looks bright!

  9. Brin Jenkins says:

    So true Mika, since the end of WW2 the left have screamed Nazi at all credible political threats. This has completely split all variations of opposition to Cultural Marxism. Hearing the Bolsheviks calling UKIP members “Nazi” must have been a great shock to many people. We have been fragmented so that 33% support Cameron, suggesting that 66% of us do not. I”m a proud Nationalist who knows UKIP are our best bet.

    • Ian Terry says:

      Second that Brin.

      I do think that UKIP have a better grasp on how to drive the country forward by providing cheaper energy to our industries.

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