Tag Archive for treasury

MP Joins Which Magazine Call for Strong Financial Watchdog

August 28, 2012 Stewart Hosie MP No comments

Dundee East MP Stewart Hosie is in support of Which magazine’s UK-wide ‘Watchdog not Lapdog’ campaign and wants the new consumer regulator — the Financial Conduct Authority (FCA) — to be strong, open and proactive.

The MP – a Member of the Treasury Select Committee – has previously called for the Financial Services Bill, currently being considered by parliament, to be reviewed to ensure that the Financial Conduct Authority is equipped with strong ‘powers and sanctions’.

Stewart said: “I have been contacted by a number of constituents who have joined the campaign by Which magazine and I am happy to tell them that I am a supporter.

“Like them, I am concerned that the new regulator, the Financial Conduct Authority – should be an open regulator that stands up to the banks and promotes competition.

“I agree that the FCA should issue fines big enough to act as deterrents and be able to promote competition by making sure financial products are transparent, simple to compare and easy to switch between.

“It is also important that the new regulator is proactive and addresses issues before they become problems and is able to tackle dodgy financial products and misleading adverts. Lessons must be learnt from the Payment Protection Insurance miss-selling scandal.

“I am happy to add my name to the Which campaign to adopt MILO, a financial watchdog that will be a consumer watchdog not an industry lapdog.”

 “Westminster’s catastrophic regulatory and supervisory failures and the last Labour government’s age of irresponsibility must not be repeated.

“The failure of regulation was ‘made in Downing Street’ – numbers 10 and 11.

“With the Financial Services Bill still before parliament we must take the opportunity to ensure that the new Financial Conduct Authority has both the powers and the sanctions to deal with this sort of abuse.”

HOSIE TOASTS DRINKS GIANT’S INVESTMENT CONFIDENCE IN SCOTLAND

August 23, 2012 Stewart Hosie MP No comments
SNP Westminster Treasury spokesperson Stewart Hosie MP has welcomed comments by the chief executive of drinks giant Diageo, Paul Walsh, that independence would make “no difference” to any decision on investing in Scotland.
With Scotland currently ranked in an Ernst and Young survey as the most attractive place in the UK to do business, the comments echo the findings of Channel 4’s respected Factcheck website which also found that business leaders were confident about investing in Scotland.
Mr Hosie said it was now time for anti-independence politicians to drop their scaremongering and join the positive debate on Scotland’s future.
Commenting Mr Hosie said:
“The drinks industry is at the heart of Scotland’s global reputation, and Diageo’s commitment to the sector, under all constitutional circumstances, is very welcome. Paul Walsh’s comments echo the confidence of other business leaders who are investing in Scotland right now. They also expose the hollowness of the anti-independence arguments compared to the reality of where business leaders think the real threat of uncertainty comes from – the Westminster government’s failure to invest capital in infrastructure projects like schools, hospitals and roads.
“As the findings of the Ernst and Young survey show, Scotland continues to be the most attractive place in the UK to do business and that the great debate over independence is having no effect on FDI decisions. That underscores how better decisions are made for Scotland by those the people of Scotland directly elect rather than a Westminster government Scotland rejected at the polls.
“Osborne, Alexander, Moore and Cameron have been engaged in scaremongering of the worst kind. They have failed to produce any evidence to support their scare stories, and now there is clear evidence to the contrary. The reality is that it is Westminster economic policy that is undermining inward investment and recovery.
“The evidence clearly shows that Scotland has the talent, the natural resources and the perfect location to build a strong and prosperous economy. Westminster ministers and the anti-independence parties should drop their scaremongering and join the positive debate on Scotland’s future.
“With the full economic and financial powers of independence we could do even more to raise Scotland’s competitiveness and drive forward economic recovery. In the meantime the Westminster government must deliver substantial capital investment immediately to promote growth and jobs.”

HOSIE CHALLENGES ANTI-INDEPENDENCE PARTIES TO COME CLEAN ON “STRONGER TOGETHER” CLAIMS

May 31, 2012 Stewart Hosie MP No comments

Speaking ahead of a conference on the Economics of Scottish Independence at the British Banker’s Association in London this evening (Thursday), SNP Treasury spokesperson Stewart Hosie MP, who will set out the positive economic case for independence, challenged the anti-independence parties to come clean on their “stronger together” claims.

 

Mr Hosie laid down the gauntlet with examples in key reserved policy areas – defence, pensions, energy and the oil industry – which illustrate how decisions being made at UK level were working against Scotland’s best interests.

 

Mr Hosie said:

 

“The SNP have been putting a positive case for independence and we will continue to promote our vision of a fairer, greener and more prosperous Scotland. But the anti-independence soundbite that we are somehow “stronger together” cannot go unchallenged.

 

“The debate needs to be based on facts, not fiction, and the facts show that Scotland is being undersold by the current set-up.

 

“On defence, how can we be stronger together when Scotland has only 4 of 148 major regular army units based in its territory? We have seen a disproportionate decline in Scotland’s defence footprint, with an underspend of over 5.6 bn and the loss of more than more than 11,000 jobs over the last decade. That’s not stronger together – that’s being sold short.

 

“On pensions, where is the strength in a union when the Chief Secretary to the Treasury Danny Alexander effectively threatens the Scottish Government with budget cuts if it doesn’t impose UK reforms on the Scottish public sector, restricting what it can do with its own workforce? That’s not stronger together – that’s being held over a barrel.

 

“On energy – how can it be in Scotland’s interests to charge for transmission based on distance from population centres, so a generator in Aberdeenshire is charged £21.49 per kw to connect to the grid, while a London-based generator receives a subsidy of £6.85? This policy is damaging rural Scotland’s vast renewables potential. That’s not stronger together, but being hung out to dry.

 

“And on the oil industry, the Treasury’s cash cow, what did Scotland gain from the decision to unilaterally hike up the supplementary charge from 20% to 32%, threatening a crucial industry for a quick buck? No independent Scottish Government would ever treat the industry in this way. That’s crass economic foolishness, not strength.

 

“These and countless other examples provide evidence that the best people to make decisions about Scotland are the people who live here. Scotland will be stronger when all policy decisions are made in the Scottish Parliament..

 

“After independence Scotland and the rest of the UK will all benefit from a new partnership of equals on these isles, based on strong social bonds and mutual respect.”

 

UK GOVERNMENT MUST MAINTAIN VITAL SCOTTISH INVESTMENT

June 8, 2010 Stewart Hosie MP No comments

SNP Treasury Spokesman, Stewart Hosie MP, called on Prime Minister David Cameron to choose targeted efficiencies over savage spending cuts as the Tory Liberal coalition set out their plan to tackle the UK deficit.

Mr Hosie called on the UK Government to maintain vital investment in Scotland’s economy and frontline services to ensure economic recovery north of the border can continue.

Commenting, Mr Hosie said: “After a decade of financial mismanagement by the Labour Government, the massive difficulties facing the UK finances are undeniable but in tackling them we must steer clear of the savage Tory spending cuts which caused so much harm in Scotland in the 1980s.

“It is essential that we make targeted efficiencies whilst maintaining vital investment in Scotland’s economy and frontline services to aid recovery from recession.

“The SNP Government is already dealing with a £500 million cut by Westminster in this year’s budget. Instead of imposing more spending cuts which would threaten economic recovery, the UK Government must consider bringing forward capital investment so we can continue to invest in Scotland’s economic recovery.”

Committee Criticises Brown’s Bank Regulation Regime

June 2, 2009 Stewart Hosie MP No comments

Evidence stacking up against Culpability Brown

Gordon Brown faces damaging new criticism of the way banks were supervised by the Treasury, Bank of England and Financial Services Authority (FSA) following the publication today (Tuesday) of a report by the House of Lords Economic Affairs Committee.

SNP Treasury spokesperson, Stewart Hosie MP, said the report which said the so-called tripartite system had failed and must be reformed, added to the catalogue of failures by the prime minister in the lead up to the financial crisis, including:

- Brown ignored Treasury tripartite warnings in 2004.
- Admissions by the Financial Services Authority (FSA) Chairman, Lord Turner, that “the whole system was risky” and “they didn’t focus enough”
- The Bank of England’s Financial Stability Report 2007 which shows the UK Government and the Bank wilfully ignored warnings in the run up to the crisis
- Evidence from the FSA that Brown put political pressure on them not to question banks on risky practices
- The resignation of Sir James Crosby – one of the Prime Minister’s key advisors – followed revelations that when he was chief executive of bank HBOS he sacked a whistleblower who warned that banks were heading for disaster.

Commenting on the Lords report, Mr Hosie said:

“With every new report and revelation it is clear that the trail of responsibility for the banking crisis leads direct to Gordon Brown’s door. It is looking increasingly like the financial mess started in Downing Street, and not in America as the Prime Minister keeps protesting.

“The Lords report echoes criticism by the National Audit Office inquiry which found that the tripartite regulatory structure created by Gordon Brown was seriously flawed, and that Treasury officials decided it was not a priority to fix it.

“We have had allegations that Gordon Brown pressured City watchdogs into not questioning the banks’ risky practices and exerted political pressure, and now we have a Lords committee criticising the way banks were supervised.

“The evidence is stacking up against Culpability Brown.

“Until recently the main charge against Gordon Brown was his role as Chancellor in the decade when many of the cracks in the financial sector developed. But the evidence stacking up over recent weeks casts real doubt over his government’s responsibility for the financial crisis.

“With the European election on Thursday it is the SNP in Scotland who are working to protect Scotland’s jobs and communities from the impact of Brown’s economic failures.”

£500 MILLION CUT CONFIRMED – SCOTLAND WILL SEE REAL TERMS CUT IN INVESTMENT

April 22, 2009 Stewart Hosie MP No comments

9,000 JOBS UNDER THREAT – SCOTLAND FACING BIGGER CUT THAN UK DEPARTMENTS

SNP Treasury spokesperson, Stewart Hosie, has highlighted Scottish Government figures that point to a threatened 9,000 job losses as a result of the real terms cut in the Scottish Budget in 2010/11 announced by the Chancellor today.

Mr Hosie pointed to remarks of the Chancellor during the Budget statement when he warned that spending cuts would “choke off recovery” and “you can grow your way out of recession – you cannot cut your way out of it.” The actions the Chancellor rejected for the UK are ones he is now forcing on Scotland. Scotland’s share of the proposed spending cuts is above our population share and will see a reduction next year in the Scottish Government’s Departmental Expenditure Limit of £500 million.

Commenting Mr Hosie said:

“Darling and Brown are speaking with forked tongues. This Budget threatens 9,000 Scottish jobs. It will mean a real terms cut in Scottish spending, and is the wrong choice in the middle of the recession.

“The Prime Minister and Chancellor attack the Tories for planning cuts in UK spending and yet Labour are doing the exact same here in Scotland.

“This is the first real terms cut in Scottish spending since the dark days of the Tory spending plans of the 1990s.

“The Chancellor’s actions will threaten our actions for recovery, by slashing the money available in Scotland to invest in jobs and communities.

“Unemployment has risen by 15,000 over the year in Scotland, and in one day, the Chancellor’s actions have put at risk 9,000 more.

“Labour are cutting the wrong things – they should not be cutting investment in Scottish economic recovery but the £5 billion they will spend on ID cards or the £25 billion cost of replacing Trident.

“It is right to tighten our belts, that’s why the Scottish Government has a 2% a year efficiency programme, with the savings reinvested in public services. But the UK plans top slice money from the Scottish Government budget.

“Labour have chosen to stab at the heart of crucial Scottish budgets in health and education, skills, housing and enterprise. The price will be paid by Scottish families and communities in lost jobs.

“It isn’t too late to force the UK government to think again – the people of Scotland can do this and protect jobs and our recovery at the European election in a few weeks and the general election in a few months.”

SNP TREASURY SPOKESPERSON DEMANDS ANSWERS OVER RBS JOBS LOSSES

April 8, 2009 Stewart Hosie MP No comments

UK GOVERNMENT HAS ‘DEEP BURDEN OF RESPONSIBILITY’

SNP Treasury spokesperson, Stewart Hosie MP, has today (Wednesday) written to the Chancellor of the Exchequer expressing his concern over the shedding of 4500 jobs by RBS and seeking answers to the many questions raised by this development.

Commenting, Mr Hosie said:

“It is absolutely imperative that the impact of any job losses is minimised as far as possible.

“It is particularly distasteful that the axe is likely to fall on those who built the bank’s success – and not those responsible for its failure. The fact is, the UK Government now owns the majority of shares in RBS and has a deep burden responsibility to the staff as a result.

“Very real concerns exist over practicalities and that is why I have written to the Chancellor seeking clarification on how many of these jobs will be lost in Scotland and what role, if any, UKFI will play.

“The Chancellor must answer questions over how the UK Government will reconcile its role as majority shareholder with its welfare responsibilities as a government.

“I am pleased that the Scottish Government has committed to sending a PACE team to assist those who may lose their jobs. I am seeking assurances that the UK Government stands similarly ready to help.”

SNP ON DUNFERMLINE DEAL – JOBS CLARITY ESSENTIAL

March 30, 2009 Stewart Hosie MP No comments

BROWN LETS DOWN LOCAL BUILDING SOCIETY

Commenting on the sale of the Dunfermline Building Society to the Nationwide SNP Treasury spokesperson Stewart Hosie MP, said:

“With the Chairman of Dunfermline branding this deal a “sacrifice” there are serious questions over how the society has been treated by the Treasury and the Financial Services Authority.

“That the Dunfermline is being sold to a building society is welcome – but there remain fundamental concerns over the way this deal has been brokered and if it was necessary at all.

“Their determination to push for a sale of the society and the spin and leaks over the last week are reminiscent of the way the Treasury behaved over HBOS and Lloyds.

“The Dunfermline’s accusation that the Treasury and FSA offered them little more than tea and sympathy adds ever more evidence to the catalogue of failures by the UK Government.”

SNP MSP for Central Fife Tricia Marwick said:

“We must have clarity on the jobs guarantee. Nationwide have said all staff will transfer – but the Scottish Secretary has now said HQ jobs are not secure. For workers in Dunfermline and across Fife there is a need for this to be clarified.

“While Gordon Brown has been jetting around the world, the building society on his doorstep has been let down by his government.

“The Treasury’s refusal to offer a loan has seen the Dunfermline
“sacrificed”.

“The UK Government have split up and sold off the Dunfermline – handing over the strong elements of the society lock, stock and barrel to Nationwide.

“The Dunfermline has a long, independent history as a mutual and has played a major role in Fife society. That must not be lost.”

AUDIT OFFICE REPORT: CULPABILITY BROWN CRASHES ON NORTHERN ROCK

March 20, 2009 Stewart Hosie MP No comments

REGULATORY FAILURES ‘MADE IN DOWNING STREET’

A National Audit Office inquiry into the handling of Northern Rock, which finds that the tripartite regulatory structure created by Gordon Brown was seriously flawed, and that Treasury officials decided it was not a priority to fix it, has been seized on as further evidence that “culpability” for the financial crisis leads back to Downing Street.

SNP Treasury spokesperson, Stewart Hosie MP, highlighted a catalogue of failures by the prime minister in the lead up to the financial crisis, including:

- Brown ignored Treasury tripartite warnings in 2004.
- PM’s obsession with light-touch regulatory regime.
- FSA evidence PM pushed watchdogs to ignore banks risky practices.
- Key PM advisor sacked bank warning whistleblower.
– PM knew of problems with Icelandic banks months before but did nothing.

Mr Hosie said:

“Gordon Brown’s age of irresponsibility is catching up with him, and all the evidence leads back to Downing Street.

“Not only does the NAO inquiry show that the UK Government was not prepared for a financial collapse, but that they ignored the warnings as early as 2004.

“It is clearer than ever that Gordon Brown was responsible for the failed financial regulatory regime. A regime he wanted to limit and even pondered whether regulation should be in place at all.

“The evidence over who is responsible for the economic crisis, and the regulatory failures which contributed to it, all lead directly back to Downing Street. The failure of regulation was ‘made in Downing Street’ – numbers 10 and 11.

“Evidence from the FSA chairman, Lord Turner, suggested that Gordon Brown pressured City watchdogs into not questioning the banks’ risky practices.

“We have also heard revelations that one of the prime ministers key advisors, Sir James Crosby, sacked a whistleblower who warned that banks were heading for disaster. That followed revelations about how Downing Street failed to take adequate action in time concerning Iceland’s banks when he was given warnings months in advance.

“And if that was not enough, there are no shortage of commitments by the prime minister to put in place ‘limited regulation’, indeed, Gordon Brown even pondered whether there should be any regulation at all.

“We cannot continue with a system that allowed obvious problems to pass unnoticed. The FSAs suggestions deserve consideration and a thorough examination.”

PROPPING UP PFI WITH PUBLIC MONEY IS ECONOMICS OF THE MADHOUSE

March 2, 2009 Stewart Hosie MP No comments

Commenting on the strong likelihood that the Chancellor is set to announce a multi-billion pound injection of extra funding into PFI projects SNP Treasury spokesperson, Stewart Hosie MP, called the move the economics of the madhouse .

Mr Hosie said:

“Labour have bailed out the bankers, and now Alistair Darling seems set on propping-up PFI projects. This humiliating bail-out is not only the clearest indication that PFI has failed but is the economics of the madhouse.

“Why is public money being used to prop up a system that gives such a bad return compared to traditional public procurement?

“The cost of propping out Labour’s PFI projects will make Sir Fred Goodwin’s pension arrangements look like pocket change.

”As if any further evidence was needed, the grotesque folly of building public services through private finance is plain to see.

“Alistair Darling has absolutely no financial credibility left. PFI is a millstone round the UK’s neck and he is set to add more weight to that debt millstone and burden taxpayers with even more taxes to pay for it.

“Instead of sensible public investment the Labour Government has been ripped off by a credit card style con.”

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