Tag Archives: financial services

23-24 March 2019 – the weekend’s press releases

Cable: We are now a Remain country

Leader of the Liberal Democrats Vince Cable today kicked off the ‘Put It To The People’ march by declaring to supporters that the UK is a “Remain country”.

The Liberal Democrat leader joined hundreds of thousands of supporters, including Liberal Democrat campaigners, MPs and Peers, who descended on London from as far as Redruth in Cornwall to Wick in Scotland.

Speaking at the march, Vince Cable said:

We are now a Remain country. 60% now want to Remain and reform from within. Nearly 90% of young voters who weren’t allowed to vote in 2016 would

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Lib Dem Lords vs the Article 50 Bill: Susan Kramer: Brexit’s impact on financial services could ruin jobs and economy

The Lib Dem Lords have made some cracking contributions to the debate on the Article 50 Bill. Ahead of its next Lords stages, we’re bringing you all the Lib Dem contributions over the course of this weekend. That’s no mean feat. There were 32 of them and cover more than 30,000 words. You are not expected to read every single one of them as they appear. Nobody’s going to be testing you or anything. However, they will be there to refer to in the future. 

Our Lords excelled themselves. Their contributions were thoughtful, individual, well-researched and wide-ranging and it’s right that we present them in full on this site to help the historian of the future. 

Treasury spokesperson Susan Kramer concentrated her remarks on the financial services industry and the impact of its decisions on our economy and the current £75 billion we take in tax from it.

My Lords, the noble Lord, Lord Lamont, said that he is very sympathetic to EU nationals in this country. However, he is perfectly happy for them to be used as a bargaining chip. Frankly, I do not think that is consistent with the view of this House or with British values.

Given the pressure of time, I will focus on the importance of giving people a second vote—that is, not a second vote on the original deal but a second vote that is a first vote on the final terms of exit from the European Union. I concur with those who have said that the June referendum gave the Government a mandate for Brexit but did not give them a mandate to choose the most extreme form of economic separation from the EU. It has been Theresa May’s choice and that of her Ministers to opt for a hard Brexit, leaving both the single market and the customs union.

I want to look at the impact of that decision by the May Government on just one sector of our economy—the financial services sector. This sector makes up 7% of the UK’s GDP, pays more than £75 billion a year to the Treasury and provides over 2 million jobs, most of them outside London. It is one of the few industries in which we are a global leader, clearing over 95% of the world’s $600 trillion a day in interest rate swaps, leading not just in traditional areas such as foreign exchange and specialist insurance, but also at the cutting edge of fintech. We damage financial services at our peril.

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LibLink: Susan Kramer warns about the economic dangers of a reckless exit from the EU

In a letter published in the Financial Times, our economic spokesperson, Baroness Susan Kramer argues that it would be “economic vandalism” for the government to fail to financial services sector during the Brexit process:

The financial services industry generates over £65bn in taxes each year, over one-tenth of total government revenue. The loss of full access to the single market in financial services would not just hurt those in the banking industry. It would mean schools, hospitals and services across the country going without funding. We all want to rebalance our economy to be less reliant on financial services, but failing to support this vital sector during Brexit would be an act of economic vandalism.

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The Independent View: How the Payments Council is delivering a payments system for all

Since the beginning of the financial crisis there has been real appetite for reform into how our financial sector works and how we want it to operate. The Liberal Democrats have played an important part in this, both from within Government as well as from the backbenches.

During its time in office, the Coalition has already introduced a Financial Services Act into law and is currently legislating for a Banking Reform Bill. In addition, there is also the ongoing Parliamentary Commission on Banking Standards, which I appeared in front of in late January.

Not only is Danny Alexander ensuring the Party’s view …

Posted in Op-eds and The Independent View | Also tagged and | 4 Comments
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Recent Comments

  • User AvatarGlenn 27th Jun - 1:06am
    Gordon By not being attached to the EU you don't have to be worried about the other 27 countries. I make no bones about it...
  • User AvatarTom McLean 27th Jun - 1:03am
    Hi Mark. Thanks for doing this, but can you go back to posting all the headlines first please? I think that's a better way of...
  • User AvatarKatharine Pindar 27th Jun - 12:41am
    Yes, and it was an SDP spokesman in the Commons who spoke out to recommend the Alston Report in the recent debate there on inequality...
  • User AvatarGordon 27th Jun - 12:29am
    Jeff – I wholly agree with UKIP’s reservations about TTIP What a shame those reservations didn’t transfer to Tory Brexiteers. Vince Cable has a rose-tinted...
  • User AvatarJoseph Bourke 27th Jun - 12:28am
    The political studies association offers an independent view on lessons to be learned from coalition by the junior party https://www.psa.ac.uk/insight-plus/cameron-clegg-coalition-lessons-learned: "In terms of policy, the...
  • User AvatarJeff 27th Jun - 12:19am
    Tom Harney 26th Jun '19 - 11:04am We elected MPs. The majority in the Commons voted for a Prime Minister. She then acquired the right...