‘ UK Commissioner Has Power to Control Bankers Pay Awards Removed ‘

#AceFinanceNews – BRUSSELS – September 26 – The European Commission has played down suggestions that it had deliberately stripped the UK’s commission candidate of responsibility for policing the EU’s bank bonus rules.

Officials with Commission President designate, Jean-Claude Juncker, said that the decision to put bank bonus rules in the hands of the bloc’s justice commissioner had been taken before Jonathan Hill, a British Conservative, had been nominated for the post of financial services chief.

“This was a decision that was made when forming the justice portfolio,” Juncker’s spokeswomen Natasha Bernaud told reporters on Friday (26 September).

“This was a decision that was taken and made public on 10th September…so it’s really nothing new,” she added.

Under the proposed division of competences within the EU executive, Hill will be responsible for financial stability, financial services and capital markets. Aside from financial sector regulation, the portfolio will include the completion of the EU’s ambitious banking union legislation.

Meanwhile, oversight of the bank bonus rules will be part of the portfolio of Czech politician Vera Jourova, the proposed justice commissioner, in the context of company law.

The UK is currently embroiled in a court battle with the European Commission over the bank bonus rules, one of three legal challenges to financial services rules that the UK has lodged with the European Court of Justice in the last three years.

The EU’s institutions passed several laws aimed at curbing excessive executive pay in the 2009-2014 term, instigated by outgoing single market commissioner Michel Barnier.

Under the latest capital requirements directive adopted in 2013, bank bonuses are capped at the same level of salary, although banks are permitted to pay bonuses worth up to twice basic salary levels following a shareholder vote.

However, Bernaud stated that the capital requirements rules for banks will form part of Hill’s portfolio.



#bankers, #british, #brussels, #conservative, #eu, #financial, #services

Privatisation Backdoor Style

Sometimes with a back-door in politics,evolves a plan,with the aim to change the promise made by a chancellor! This plan has been months in the making,and the next step is to remove the fence that has ringed the NHS funding for many a year, and it will shortly be dismantled! And with it all the promises made since the introduction of the ” Community Care Act” in 1990! It will be washed away “like throwing the baby out with the bath water,” and what a baby it is, having been nurtured since inception in 1948! So you ask what do l mean, well simply back in 1979 when Margaret Thatcher came to power, the rot set in and everyday since that time it carried the nails in its side (like Jesus, just waiting for the time of the next Conservative Government, to finish the job she started! Well her legacy of privatising the NHS is nearly realised, as various MPs gather to sound the death knell of our beloved, yet beleaguered health service! Leaving in its wake a disjointed, broken-up and battered organisation, ripe for the picking!Soon those nails so carefully placed by Margaret Thatcher will become so painful that we will be told by the chancellor, there is no choice the NHS cannot have guaranteed funding and it will slowly die on the cross of “#ProfitB4People and “Care In The Community” will be no more, unless you can afford to pay!!

LATEST:// 30/04/2013 at 6am today.

Six centre-Right policy institutes say it is “not sensible” to define some public services as “sacrosanct”, as two think-tanks favoured by Labour criticise the ring-fencing of funds for schools, health and international development.

The independent Institute for Fiscal Studies also warned that other public services would suffer more “pain” as a result of the “sub-optimal” approach to reviewing government budgets. Read full story at: Cut-Aid-& NHS-Cash-George-Osborne-Told


#cash4contracts, #profit-b4-people, #conservative, #david-cameron, #jesus, #margaret-thatcher, #member-of-parliament, #national-health-service, #nhs, #privatization

Cameron Mired in Controversy over EU Payments

European Union

European Union (Photo credit: ana branca)

Just had to post these extracts today from these selected papers courtesy of  Medhis Morning Memo, that just makes me say true oh so true !


Tory backbench rebel Nadine Dorries recently claimed that the ‘splits’/Europe related headlines in the newspapers have started to remind her of the Major government in the mid-1990s. It’s difficult to disagree with her when you look at some of the Sunday papers this morning. Here’s the Sunday Telegraph splash:

“Cameron in new EU cash fight”

The paper reports:

“The Prime Minister will use a European budget summit later this month to call for far-reaching changes to the EU’s £279billion structural funds, which cost British taxpayers more than £4billion a year.

His move will delight Conservative backbenchers after the Government was defeated in a Commons vote on Europe last week, but risks a new rift with his Liberal Democrat Coalition partners.”

Then there’s this story in the Mail on Sunday:

“A senior minister was on the brink of resigning from the Cabinet to join the Tory revolt against David Cameron over the Brussels budget, it was claimed last night.

The Mail on Sunday has been told that the unnamed Minister ‘weighed up the pros and cons’ of resigning to lead a new anti-EU faction in the Tory Party, before backing off at the last minute.

Was it Iain Duncan Smith? Asked on the Marr show this morning whether he’d “stay in” the EU if he had a choice now, IDS dodged the question.


From the Mail on Sunday:

“A rebel Tory MP had secret talks with Ed Balls as part of the plot to defeat David Cameron in Wednesday’s shock Commons vote on the EU budget crisis.

Harwich MP Douglas Carswell discussed the rebellion with a member of Shadow Chancellor Mr Balls’s entourage to make sure the rebel Tory-Labour ambush was carried out with deadly effect.

The two men discussed in detail how to dovetail their political guerrilla warfare tactics and prevent the Conservative leadership gaining vital time needed to scupper it.”

My enemy’s enemy is my friend?


Ace Finance News : Says!

This infighting between parties has to stop for there to ever be any chance for this government and the coalition, to reach any form of impasse on the EU budget question!

If we cannot get a decision within the parties concerned, what hope is there for the future of any Europe partners, or even the existing coalition! As eventually each will tear each other apart like rabid dogs, at an all you can eat banquet, of what is mine is mine!

The fact that for many years the UK has under other successive governments paid billions just to be part of EU members club and this has not allowed them through to the VIP lounge, with the likes of Merkel, Draghi and even Monti, should have at least told them something!

So what does the UK really want and WHY!European Union

Well being apart of the EU has given them a status in the world and allows them to trade more successfully, than many non-eu partners, but according to our balance of payments deficit it has not made their country prosperous! On the contrary it has led to higher unemployment as many companies saw a way to decamp to other countries and outsource their goods with cheap labour! Oh yes these companies have profited at the cost of the UK and its chance of  European Union prosperity!

So really what they want is to profit as other people are made worse off and their living standards slip, leaving a country built on a non-manufacturing and exporting base, providing goods built with cheap labour and making huge profits! Of course these are not invested back into the UK to make it prosperous, but into offshore funds that pay no taxes! To eventually arrive back on UK mainland, as investment bonds for the banks to control and make even more profits!

Then my simple question is – can Cameron and this government afford not to pay for their place at the high table, even though at the present they are just waiting for the scraps, that the VIP’s may eventually throw!

#budget-of-the-european-union, #conservative, #david-cameron, #ed-balls, #european-union, #iain-duncan-smith, #nadine-dorries, #tory