In cahoots
Link to the World Development Movement research published by Critical Thinking
- Published on Sunday, 26 January 2014 12:48
Defined as: colluding or conspiring together secretly, “in cahoots” exactly describes the unholy alliance between the UK government and the City of London to undermine EU proposals to curb finance. A recent report from the World Development Movement (WDM) exposes:
1. Shortly after the European Commission announced its intention to review MiFID [Markets in Financial Instruments Directive] in autumn 2010, UK government ministers and officials had a series of meetings with the financial services industry during which it shared the government’s position and encouraged the industry to take action.
2. During the meetings with industry, the government advised the City to coordinate its lobbying efforts on MiFID with the Treasury.
3. Through the International Regulatory Strategy Group (IRSG), the Treasury encouraged the City to step up its lobbying activities in Brussels. The Foreign and Commonwealth Office (FCO), through Minister of State David Lidington, offered its services to support the industry, and government ministers travelled to other European capitals to lobby on the legislation.
4. Commodity speculators are major funders of the Conservative Party, with the financial sector accounting for half of the Tories’ private donations. Moreover, the coalition government and HM Treasury officials have strong personal ties with the financial sector.
