A View From Middle England - Conservative with a slight libertarian touch - For Christian charity and traditional belief - Free Enterprise NOT Covert Corporatism

Tuesday, December 08, 2009

Bugger the bankers!

In a time of deep recession, brought about in part by the headlong scramble by some bankers to make money out of loans that were past their subprime value, it would be nice to think that a kind of patriotic move might not go amiss. The bonus greed currently sweeping the City of London is very unsavoury to say the least. Angela Knight, she of the British Bankers' Association, whines on amount bankers leaving the country if they don't get more money. Even Croesus would have thought better! Well, if they are so hellbent on going, let them go. As George V might have said on his deathbed if confronted by these blackmailing types "Bugger the bankers!". Quite so.


British Bankers' Association here. It would be hard to oppose this view if all bankers were the popular caricature of irresponsibly and reckless pinstriped fatcat hate figures, all clearing off to sunnier and better remunerated climes as if the UK meant nothing to them. But I challenge you to find a real one who acts or thinks like that.

And anyway that's not what we mean. We're not the bankers' union, and we're not bargaining to get them better rates. We're just pointing out that if we stop paying them the market rate, and yet other countries keep on paying it, then whole companies will up sticks and relocate. With them goes a massive wedge of tax revenue for the Exchequer and job prospects for the blameless upcoming generation of talented, numerate people.

So please stop imaging this as people in suits getting onto boats or whatever. Think about 15 per cent of our GDP being taxed out of existence for what looks very much like political expediency.

Well it all sounds like apple pie to me. I'm not opposed to people getting their just rewards or for them to gain financially from their enterprise. However, this is about a certain section of the community refusing to accept straightened times and demanding that they be paid as if nothing was amiss in society.

At the very least it is selfish. It all smacks of a kind of arrogance. Market rate is one thing, but this is not a free market currently. Banks have been bailed out with shedloads of public money. As a thank you for being allowed to remain in work, I would have thought a civilised banker would offer to forego some of the largesse.

I may be waiting for pigs to fly but that is how I find it!

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