Showing posts with label Tories. Show all posts
Showing posts with label Tories. Show all posts

Wednesday, May 12, 2010

The Tories' 3/8 mandate

In the next chapter of Adventures in Inexpert Blogging, we turn to British politics.

I do not understand the moral high dudgeon of various Brit observers contemplating the possibility of a Liberal-Labour coalition -- which flared briefly as a live possibility when Gordon Brown resigned on Monday (his personality and perhaps track record had apparently impeded prior talks).  Here's Alex Massie in today's Times (New York):
...looking back, it was touch and go. On Monday evening it seemed as though Mr. Brown’s audacious, last-gasp maneuver might work. Although Mr. Clegg had suggested that the Conservatives’ plurality in last Thursday’s vote gave them the first right to form a government, Mr. Brown revealed on Monday that the Liberal Democrats were courting Labour.

Then, a seemingly endless parade of Labour ministers appeared on television insisting that, despite losing 91 seats in the House of Commons and getting two million votes fewer than the Conservatives, they had not actually lost the election. Like Monty Python’s Black Knight, they claimed defeat was “only a flesh wound” and nothing serious enough to require a change of government.

And so the electorate was asked to contemplate the extraordinary spectacle of a Labour-Liberal Democrat “Losers’ Alliance.” While constitutionally permissible, such an arrangement can’t be squared with any residual British sense of fair play. More pertinent, it wouldn’t even have commanded a majority in the House of Commons, and would have had to purchase the support of Scottish, Welsh and Northern Irish parties.

Fortunately, sanity prevailed. Talks with Labour broke down...
To those steeped in the norms of British politics (especially Tories), perhaps a Lib-Lab coalition would have seemed like an end run. There seems to be an expectation that the single party with the most votes, whether or not it wins a majority,  has not only first dibs on forming a government but a moral right to form one, barring extraordinary circumstances. 

Friday, January 22, 2010

Tory Hallelujah

Bulletin to those claiming that Obama's proposed ban on proprietary trading etc. for deposit-taking banks will drive major banking operations overseas (FT):

Tories ready to follow Obama’s lead

The UK opposition Conservative party is likely to follow the lead of Barack Obama , US president, and introduce similar trading curbs for banks based in the City if elected, George Osborne, the shadow chancellor, said Thursday night.

The Tories – widely expected to win a general election which is due within four months – fired a warning shot across the bows of financial institutions including Barclays, Deutsche Bank, Credit Suisse and UBS,saying the Obama crackdown on proprietary trading was “definitely something we think needs to be done”.

When the Brits slapped their giant tax on bank bonuuses, they were covered by similar action fom the French and Obama's proposed tax on bank liabilities.  If the Volcker rule gets traction, other major banking centers will probably follow suit.