Customs Union

springtide

And can you remember why all EU member states worked on this proposal and decided that this would be a good idea for the Bankers that are the risk high takers?  (i.e. and bonuses overly based on the amount of risk they take)

springtide

I think he hit the nail on the head actually

springtide

And that's relevant how?

It was a law that almost exclusively impacts the UK, that our elected government opposed, and was imposed anyway.

The fact it had the negative impacts that were predicted (increased basic salaries that are given regardless of performance and that cannot be clawed back) is irrelevant to the fact it's a clear example of laws being imposed despite our clear opposition.

springtide

Personally having been impacted by the Financial Crisis like most people in the UK I'm glad our government was overruled.

The benefit as you appear to have missed was an increased basic salary to avoid excessive risk taking.  Its capped at something like 100% of salary, so not exactly a small fraction.

The whole point of this legislation was such that governments don't have to bail them out remember?  i.e my tax.

IronGiant

Nice distraction.

The point was this was a law that was imposed despite our express opposition to it.

The rights and wrongs of the law are not relevant, but if you did want to go there the net impact was to increase bankers basic salary regardless of how risky their activities might be.

Sonic67

Maybe we should have had a referendum on this? (to take the peoples opinion to the EU)  Although the government at the time opposed it, there was huge support from "the people" that this was a good thing.

Being labelled a banker at the time was seen as criminals by pretty much the whole press.

Sonic67

And the irrelevance continues.

It was a law imposed despite our express opposition. Directly countering the previous point that the EU does not impose laws on us.

springtide

As I said, this legislation was to try and avoid Bankers taking huge risks, and these risks impacted most people in the UK.

What was our government proposing to kerb irresponsible risk taking by the bankers at the time?  The UK's opposition to this was from objection from the city putting pressure on the government, and self interest from politicians with links to the city.

The point of the EU is to create a stable trading block, not rogue nations that don't learn from disasters.