Ken Clarke is spot on
At least in what he says here:
“We must avoid British arrogance in going along and saying to the French and Germans that we are the only people who understand about the regulation of financial markets. “British regulation of financial markets and American regulation of financial markets was a catastrophic failure. So you can understand French and German and others’ reluctance to have people from the City of London coming round and explaining how you should regulate financial markets.”
Clarke said it was wrong of the French and Germans to blame hedge funds and private equity firms for causing the recession. But he said that it was right for greater “pan-national” co-operation between national regulators.
The shadow business secretary also dismissed “hysteria” from the City, and with it the mayor, that Britain’s financial services would be forced abroad. “This is the end of the world as we know it – they’re all going to move and set up their businesses under palm trees,” Clarke said, mocking the City’s stance.
It’s time that everyone fell around laughing at the threats to move abroad.