Osborne & Cable - 'Spinmasters Extraordinary'

From Politics Home we learn:

"Vince Cable says he and George Osborne will accept the recommendations of the Vickers Commission on banking in full, with the Government tomorrow launching a package of reforms, including separating banks' retail and investment arms.
Dr Cable told the Andrew Marr Show this morning: “I’m working together with the Chancellor on this; we’ve come to a common view, and we’re going to proceed with it. Moreover, we’re going to get on with it. The legislation is going to be completed within this Parliament. It’s got to be done; we can’t have a position where the big banks are too big to fail.”
Labour's Chuka Umunna said it was "very important" that all the recommendations were implemented, and called for Sir John Vickers to report back in a year on how the implementation was progressing. The Shadow Business Secretary also said the Government should bring forward plans to refer banks to the Competition Commission."

Odd therefore there is no mention that on 20 July 2011, the Commission adopted a legislative package to strengthen the regulation of the banking sector. The proposal replaces the current Capital Requirements Directives (2006/48 and 2006/49) with a Directive and a Regulation and constitutes another major step towards creating a sounder and safer financial system (or so they say!). The directive governs the access to deposit-taking activities while the regulation establishes the prudential requirements institutions need to respect. Neither is there any mention of this, or this, or this, or this, or this, or finally, this.


Osborne is supposedly Chancellor of the Exchequer, while Cable is supposedly Secretary of State for Business, Innovation and Skills. Spheroids - they are no more than Office Managers implementing decisions taken by the Muscles from Brussels! Yet again we see impending EU legislation being passed off as 'action being taken' by British politicians when, in reality, that is not so.


And still there persists those who maintain that our politicians should not be introduced to their 'reserved lamp post'?


Afterthought: Perhaps when we as a nation do regain our independence, assuming he is still alive we could hire the Muscles from Brussels to wipe out the Muscles from Brussels? Just a thought..........