Skip to main content

Nick Clegg and Economic Liberalism

Slowly, slowly we progress: Nick Clegg's speech on the economy, while I was away in Estonia, was reasonably trenchant, especially in claiming the mantle of Economic Liberalism.

I think the stuff on the Banking system was very much to the point:

"The truth is, the British banking industry is cosseted and closed. It is not truly competitive.
For years it’s been almost impossible to get a new banking licence. New banks are usually just a subsidiary of existing banks.
And the Northern Rock episode has demonstrated that it’s also nearly impossible to stop being a bank.
The government and regulators are too afraid to let a bank fail.
Unless we lower the barriers to market entry and market exit, we will not have a truly competitive banking industry that can eradicate the poor service and high charges consumers currently face.
To make true competition possible without jeopardising customers, deposit protection needs to be beefed up, and widely publicised, to protect individuals’ deposits and give them confidence in the banking system.
Deposit protection should be peer-funded by the banks themselves, as in the US.
And then we need to look at making banking truly competitive again: allowing new entrants in more easily and allowing failure too.
Whatever happens, the Bank of England also needs – at a senior level – to secure greater expertise in relation to the workings of the financial markets."

This is good, and the other thing that impressed me was that the thread of the speech was very clear. He set out the key principles and then showed how policies flowed from them. The key ideas: open markets, competition, are all reflected in the specific policy agenda that he put forward.

Nick Clegg is increasingly impressive: he has a clear agenda and a clarity of thought which marks out a definate direction. At a time when Gordon Brown has broken all his golden rules, and when Cameron seems to go out of his way to obfuscate and hide whatever his political agenda actually is, such directness is particularly refreshing, I think.

Comments

Newmania said…
Yes I`ve seen Nick Clegg speaking a couple of times and he does not frighten to horses, in fact he would be at home in the moderate wing of the Conservative Party were in not for his utter disdain for the people of this country and their wish to remain a nation. That is where we part company and sadly as anything he suggest is bound to involve some awfully clever reason for us to cease to be a country one is bound to be cynical.
I must say if Insurance is anything to go by the flood of EU licensed competition has been a disaster and utterly misunderstood , of course , by the regulatory bodies supposedly in charge and hidden from the consumer .
The problem with Nick Clegg is that he is not representative of the Liberal party who had to hold their noses to elect him and he cannot take them into coalition of any sort except with Labour. I saw this clearly in Islington and I see it again now in Lewes .
.I `m staggered that the Lib Dems have allowed themselves to get into this position if they were not second class socialists I could live with a Conservative Liberal administration which in many ways is the natural majority view of England certainly

As ever it all comes down to Europe , I think it would help here if the pros stopped lying and started persuading .I think such a debate would be lost but it would draw some of the bitterness out of it , have you seen what they are doing in Parliament now and this is after sayig we would not debate the matter because there was going to be a referendum !!


I may have veered off course there a bit
Cicero said…
Well, I could blog about Puffins in St Kilda, and you would still blame the shortage of sand eels on "Europe" :-)

Of course I totally reject your allegation that Lib Dems want to destroy the UK. I think that the blustering, obessional Europhobia that Many Tories have is bordering on the downright weird.
Newmania said…
I see 16 Lib MPs are rebelling over the Party edict to save Brown and it could be there will be a referendum after all
Anonymous said…
This comment has been removed by a blog administrator.

Popular posts from this blog

Cicero ReDux

By Special Request of Baroness Scott and Mark Valladares... Cicero's Songs returns: bigger, longer and uncut.
October 1st marked the half way point of the Estonian Presidency of the European Union.  Perhaps for many people such an anniversary is of passing interest at best.  Yet the conduct of the Estonian Presidency is reinforcing just how forward looking and innovative the most northerly of the Baltic States has become.
Estonia is a country that wants to live in the future, and with its openness and innovation, that future seems a lot closer than almost anywhere else in Europe
It is not that Estonia does not “do” the past: the picturesque cobbled streets of old Tallinn have tourist crowds a-plenty enjoying the mediaeval architecture in an Indian summer of sunshine and blue skies.  The real point is that Estonia refuses to be a prisoner of its past. Lennart Meri, Estonia’s President in the 1990s- who spent years of his childhood in Siberia- once told me that the country had to conc…

Trump and Brexit are the Pearl Harbor and the Fall of Singapore in Russia's Hybrid war against the West.

In December 1941, Imperial Japan launched a surprise attack on the United States at Pearl Harbor. After the subsequent declaration of war, within three days, the Japanese had sunk the British warships, HMS Prince of Wales and HMS Repulse, and the rapid Japanese attack led to the surrender of Hong Kong on Christmas Day 1941 and the fall of Singapore only two months after Pearl Harbor. These were the opening blows in the long war of the Pacific that cost over 30,000,000 lives and was only ended with the detonations above Hiroshima and Nagasaki.

"History doesn't often repeat itself, but it rhymes" is an aphorism attributed to Mark Twain, and in a way it seems quite appropriate when we survey the current scene. 

In 1941, Imperial Japan, knowing its own weakness, chose a non-conventional form of war, the surprise attack. Since the end of his first Presidential term, Vladimir Putin, knowing Russia's weakness, has also chosen non-conventional ways to promote his domestic powe…

The American National nightmare becomes a global nightmare

It is a basic contention of this blog that Donald J Trump is not fit for office.

A crooked real estate developer with a dubious past and highly questionable finances. he has systematically lied his way into financial or other advantage. His personal qualities include vulgarity, sexual assault allegations and fraudulent statements on almost every subject. 

He lost the popular vote by nearly three million votes.

He has, of course, been under criminal investigation practically since before he took the oath of office. The indictment of some of closest advisers is just the beginning. His track record suggests that in due course there is no action he will not take, whether illegal or unconstitutional in order to derail his own inevitable impeachment and the indictments that must surely follow the successful investigation of Robert Mueller into his connections with Russia.

However, all of that is a matter for the American people. 

It is also a matter for the American people that Trump is cheating…