UKIP: Right on the economy, and right for Britain

Out of touch? Little Englanders? Europhobes? What silly words have you heard used, to describe UKIP? I bet there’s one word you haven’t heard used by the media at all. But it’s the one more and more people are using about UKIP every single day: right.

Around the world increasing numbers of people admire Nigel Farage. And looking at this collection of his speeches on the Euro, it’s easy to see why. He’s become an icon. An embodiment of the spirit of resistance against an impersonal bureaucratic foe; for people from Copenhagen to Colorado.

The next general election will be fought on economics. But only one party
has been right on the most fundamental economic questions for over a decade.

But personally, I admire Nigel chiefly for his patience. Can you imagine what it’s like? Every single parliament in Europe operates on the established principle that if a democracy is to work properly, there should be checks and balances: the side in power needs to have an opposition. Except in one parliament of course, the European Parliament.

There every MEP, apart from a tiny handful of people, is expected to be a cheerleader for a project dedicated to the twin objectives of their own enrichment, and the removal of power from the people. And in this environment day in day out, Nigel stands up, and is frequently the only voice of opposition. The only voice of sense, of sanity.

Beijiing gives verdict on Europe, and the verdict is bleak

Asia: vibrant

In a few hours I will leave Hong Kong to catch a flight back to the UK.

For those who haven't been to the former jewel in the UK crown, the trip from my mid-price range hotel (with service that would grace a five star hotel in the UK, at a fraction of the price) to the airport, will be by complimentary express bus, which naturally always  runs on time. It bristles with efficiency as it deposits me into the gleaming HK airport, where luxury shops are filled with Asian tourists and business people.

I will then climb aboard a British Airways flight where the contrast between the go-getting Asian economic character, and the lack of ambition shown by British companies (and hindered by Unions stuck in a by-gone era) are on show.  I still use BA only because of a patriotic belief that spending on a Britsh company keeps jobs in the UK, and is every British citizen's duty.

But it was business that took me to Hong Kong and China in the first place, and it is the latter's growth and power that were on display at the International BAO Forum in Hainan. 

For here, the world's senior bankers, businessmen and politicians came to hear Zhou Xiaochuan, the Governor of China's Central Bank, give his verdict on the worlds' economies. In the audience were Spanish Prime Minister Jose Zapatero (more on him later), ex French Premier Jean-Pierre Raffarin, and ex Croatian President Stejpan Mesic; as well as John Rice the Vice-Chairman of that great US girant General Electric.

After Zhou had given a glowing report on China's success, he stated that they would have to tackle growing inflation by reducing demand. This was all bad news, as it will feed heavily into the West. He also mentioned that in this process he was requiring China's biggest banks to maintain 20% of their deposits as reserves!

We may look on in envy, but any such requirement in the UK would kill the British economy.

The capture of Gbagbo: a warning to Khadafy?

Caught by the "UN"

Yesterday, regime-change "French style" showed its subtle touch in the Ivory Coast, when UN (or rather French)  troops supported president elect Quattara's forces, in capturing the current President Gbagbo in his underground bunker.

It is clear that increased French confidence in the military sphere has been bouyed by a number of factors.

Nicolas Sarkozy's comments, on coming to power, about forging a new relationship with the US. France's political dominance in the EU Commission, and on the subject of Europe-wide defence. Weakened British miltary prowess, forcing us for example, into a treaty with France on things like aircraft carriers. Not to mention a clear Sarkozy lead on regime change in Libya (to ensure continued oil distribution to France).

All of these have self-evidently emboldened the French into using their forces to support their national interests, in the Ivory Coast. However, the more subtle message is celarly to Khadafy and his family, and you've got to be blind not to see it.

If the defections from within the regime don't work to engineer its collapse, and you insist on holding out, because you know the West of the country is actually behind you; don't let that fool you. It doesn't matter.

The City and Civil Liberties

On the 23rd of last month I had the great pleasure of moderating a discussion on the highly controversial subject of the European Arrest Warrant; in my capacity as chairman of The City of London Forum.



Breakout discussions continued late into the evening

The Forum was established with the aim of letting City professionals productively voice their concerns in an entirely non-partisan Westminster setting.

It is also intended to facilitate lively, stimulating and informative debate on a variety of topics, between a range of concerned stakeholders.

The European Arrest Warrant, or EAW, has for some time now been a matter of significant and growing concern to many in the financial services industry, particularly the hedge fund sector. As a legal instrument an EAW permits people to be extradited from the UK, while at the same time, the British courts are forbidden from assessing the merits of the case against the subject of the warrant.

This at the very least raises the spectre of a truly colossal compliance burden for firms, who would potentially have to self-regulate according to the criminal codes of 27 separate nations.