Wednesday, 23 October 2013

Tories and China

It is  probably right to say that Britain cannot afford to ignore the market which has become the motor of global growth, but whether we need to stoop so low with the grovelling that we witness from Osborne and Johnson in China is hugely debateable, on a number of counts.
       How embarrassing to see representatives from the 7th richest country in the world making outlandish promises to Chinese banks, without the knowledge of the Prudential Regulation Authority! Are we really so desperate to "make a fast yuan" that little or no  regulation of their banks in our country is the only carrot we can offer? As if there isn`t enough corruption, mis-selling, Libor fixing, and now global currency price manipulation already  involved in City activity!
       The hypocrisy of this government is limitless, with Theresa May`s "hostile environment" greeting the poor and destitute immigrants, whilst welcoming arms await wealthy Chinese. Human rights` violations, air pollution and workers` exploitation, all at the heart of the Chinese economic "miracle", get brushed under the carpet, as long as British politicians can boast, on their return, of increased foreign investment. Why run the risk of offending other potential investors in our nuclear industry by offering the Chinese such ridiculously high prices? It is not as though the Chinese nuclear industry is renowned for its strict regulatory system, and safety issues have caused problems there, with, for example, public demonstrations preventing the building of a processing plant in Guangdong earlier this year. Why is it okay for foreign governments to own chunks of British industry, when our own government privatises everything that moves? 
A sensible taxation policy in Bitain, as recently mooted by none other than the IMF, which taxes the rich at higher levels which they can easily afford, would enable a nationalised and properly funded nuclear industry to do the job more cheaply, but, of course that would offend the source of Tory party funds, the people whom Osborne, when wearing a different hat, describes as the country`s "wealth creators"!
In the coming months the Tories will be emphasising their patriotism with the World War One commemorations, but their willingness to sell Britain, in the form of our industries, our mail and rail services and even our houses and land to the highest foreign bidder, knows no bounds.Just like their hypocrisy!
On the one hand we hear how Britain needs austerity measures and foreign investment, on the other how Johnson describes the obscene £250,000 a year he earns from the Telegraph for his weekly column. "Chicken feed"!

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