Sunday, May 16, 2010

In Europe, ruled by Europe...*

Via the ever-scathing EU Referendum, I see that Our Delightful New Coalition of Doom is about to break the first of its promises.
David Cameron’s fledgling coalition Government faced its first major test in Europe last night as European regulators looked set to push through controversial new hedge fund and private equity regulations despite fierce opposition from the new administration.

In the face of last-ditch lobbying by UK officials during the past two days, the European Parliament looks set to go ahead with a draconian crackdown on alternative investment fund managers early next week.

George Osborne, the Chancellor, is likely to be in Brussels for the agreement on the new rules, which are being driven by France and Germany. He is expected to try to extract a compromise but is resigned to the vote going against him, as he believes that the process is too far advanced for him to intervene.

Now, the EU Relations part of the agreement which brought us Our Delightful New Coalition of Doom states how we should deal with this really rather clearly.
We agree that there should be no further transfer of sovereignty or powers over the course of the next Parliament.

OK. So, if this legislation goes through the EU, it will obviously be a "further transfer of sovereignty or powers" and so Our Delightful New Coalition of Doom will...

... er...

... do what?

Now, my bet is that they will sit back and take it. Does anyone disagree...?

* Obviously, this should be "in the EU, ruled by the EU".


Joe said...

They'll lube themselves up first we get it rough, i would laugh but this is going to be painful.

Ian E said...

Surely the LibCons will gold-plate the thing. After all, we surely need a better balanced economy and, now that labour have f***ed most of UK plc, the financial centre that is London is obviously doing too well for the rest of our economy!

As a rider, I anticipate a new law that means that 90% of the Commons must vote to allow a referendum to occur. This would of course mean yet a further transfer of power bck to the electorate!

Roger Thornhill said...

@MactheKnife - you beat me to it. I was going to say "grab their own ankles" or such.

Osborne should just say "No". Refuse to implement it.

@Ian E is also right - we can see even more gold-plating than under Labour from the FabianDimoldtwats who are now in place, or at least from other Fabian Fifth Columnists who will be even bolder now they have fellow wibblemeisters in place.

Chuckles said...

Close, but I would add 'Any lube they will buy out of their own pockets'
and the gold-plating is a dead cert.

'Getting the benefits of democracy, good and hard'

John R said...

I'm with Roger T.

"No" is a great tactic. The French used to use it all the time to get their own way - they still do in private.

The EUSSR unelected numpties and their political fall guys can stamp their feet and insist that we obey, but if George just sticks to the one word answer they'll have to give in. What are they going to do - expel us (yes please!).

And if they try to attack our hedge funds with fines/tarifs etc the Euro will vanish so fast it'll make their eyes water. They are living in the same single global financial environment as the rest of us and can't stop a determined Chancellor if he really insists in "No".

Then we can have our referendum and realy scare them!!

cosmic said...

They'll obviously lie down for it in the way that the UK government lies down for anything which comes from Brussels. Actually, it's not that simple. Maybe not in this case, but often, UK politicians and civil servants in the EU push for these things, then pretend at home that it's orders from Head Office and they have to obey.

However, it may not matter very much. I'm starting to think that the Euro is likely to collapse very soon and take the whole rotten edifice of the EU with it.

Anonymous said...

Has Osborne had his "emergency budget" sanctioned by his masters in Brussels?

Submariner said...

No, he hasn't

Submariner said...

No, he hasn't. Nor do I believe he will seek to.