UK holding back progress on global financial stability, says nef | the new economics foundation

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UK holding back progress on global financial stability, says nef | the new economics foundation

The report, Subverting Safer Finance by think-tank nef (the new economics foundation), reveals that compared with other major financial centres, including the US, the UK is part of the problem in key areas of financial reform, rather than leading the search for solutions.

“In the UK, we are presented with the idea that we cannot act alone on financial reform and other nations stand in the way of global financial stability. We ask whether the reverse might be the case, and the UK itself is a ‘haven’ that threatens the stability of the global economy. We call for the UK to live up to its image as a pre-eminent global financial centre and demonstrate strong international leadership on better regulation instead of pandering to vested financial interests.”

nef found that in areas including potentially damaging speculation in food, energy and minerals, the Alternative Investment Market, ‘naked short-selling’ and British tax havens, the UK is holding back urgently needed regulation.

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Donagh is the editor of Irish Left Review. Contact Donagh through email: dublinopinionAtgmail.com