Green Party Euro-MP Jean Lambert has hit out at Chancellor George Osborne after he announced plans bypass EU rules designed to criminalise rogue bankers in last Thursday’s annual speech to banking industry chiefs at Mansion House.
Ms Lambert, said we need reforms – but they should be decided at EU level so they encompass banks working in Frankfurt, London, and financial centres across the EU.
She said: “By attempting to introduce reforms to the British banking sector while ruling out any of the common EU reforms designed to tackle the very same problems of fraud and excess, Osborne is sending a clear message to the EU: ‘keep out of the way the UK financial sector does its business’.
“This is likely to be disastrous – the financial woes suffered by much of the world were caused as much by a piecemeal approach to banking regulation as they were by the excesses of the industry.
“The fact remains that the financial sector is as powerful – and fleet of foot – as most Governments. If we don’t join up regulations across borders, it will always seek to do its business in the most favourable jurisdiction, and that can only be bad for consumers.
“It’s also at odds with the views of most people. The Greens have worked hard to shape EU banking regulations: pushing for a Financial Transaction Tax, for example, and a cap on bankers’ bonuses – and these are the reforms most people want to see.”