Farage’s revenge on the banks proves he is more Trump than Thatcher

cityam

Jan 26

Nigel Farage announced Reform's plans for new taxes on banks at Davos Nigel Farage’s promise to tax banks more shows his Trumpian revenge coming out to play, and exposes the contradictions at the ...

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Well, I don’t like the banks very much because they debanked me, didn’t they?”Economic policy or revenge, that dish best served cold?For Donald Trump there is no meaningful difference, and it seems that Farage, who once described the President as “the single most resilient and bravest person I have ever met in my life”, is equally ready to conflate the personal and the political. The contradiction at the heart of Reform UKThat conflation exposes a fundamental contradiction within Farage and Reform UK. Who is Nigel Farage?Part of him is a classic product of the City in the 1980s; he left Dulwich College at 18 and, rather than going to university, became a commodities broker","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4207":"综合性银行","LU0128526570.USD":"TEMPLETON LATIN AMERICA \"A\" ACC","IFS":"Intercorp Financial Services Inc.","LU0320763518.SGD":"FTIF - Templeton Latin America A Acc SGD","LU0300738605.USD":"TEMPLETON EMERG MKTS SMALLER CO \"A\" INC","LU0300738514.USD":"TEMPLETON EMERG MKTS SMALLER CO \"A\"(USD) ACC","LU0029865408.USD":"TEMPLETON LATIN AMERICA \"A\" INC"},"translate_title":"法拉奇对银行的报复证明他比撒切尔更像特朗普","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"IFS":1},"content_text":"Nigel Farage announced Reform's plans for new taxes on banks at Davos Nigel Farage’s promise to tax banks more shows his Trumpian revenge coming out to play, and exposes the contradictions at the heart of Reform’s economic policies, writes Eliot Wilson Seeing Nigel Farage at the World Economic Forum in Davos is almost as perplexing for onlookers as it must be for him. For a right-wing populist, Davos is the lair of the beast; the annual gathering of exactly the out-of-touch, net-zero promoting, ESG-embracing globalists who have brought ruination on Europe’s traditional industries and culture. Farage is there as an act of defiance, the tribune of the common man who will twist the tail of the establishment, warning them that the world order is changing.Certainly he pulled no punches. Interviewed by Bloomberg’s Stephanie Flanders, he reaffirmed a commitment from Reform UK’s 2024 manifesto to scrap the interest the Bank of England pays to commercial banks on their reserves. This, the party claimed at the last election, would save £35bn “and has been endorsed by senior figures at the Financial Times, New Economics Foundation and IFS, as well as two former deputy governors of the Bank of England”.In fact, Paul Johnson, director of the Institute of Fiscal Studies (IFS) is lukewarm at best on the idea; he has said on social media that such a move “is unlikely to raise even half the £40bn annually that has been suggested, and only in the short term”. But opposition from the financial and economic establishment is grist to the populist mill. Commercial banks have argued it is in effect a tax, but Farage is undeterred: “They are just not going to get free money anymore… this will be tough for banks to accept, but I am sorry, the drain on public finances is just too great.”\n\nThere was another deeply revealing motivation Farage was unable to hide, one which had more than a hint of Trumpism about it.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n“Some of the banks won’t like it. Well, I don’t like the banks very much because they debanked me, didn’t they?”Economic policy or revenge, that dish best served cold? For Donald Trump there is no meaningful difference, and it seems that Farage, who once described the President as “the single most resilient and bravest person I have ever met in my life”, is equally ready to conflate the personal and the political. (Trump characteristically has gone one step further and is now suing JP Morgan Chase and its CEO, Jamie Dimon, for $5bn for alleged “debanking”.)The contradiction at the heart of Reform UKThat conflation exposes a fundamental contradiction within Farage and Reform UK. Who is Nigel Farage? Part of him is a classic product of the City in the 1980s; he left Dulwich College at 18 and, rather than going to university, became a commodities broker at Maclaine Watson, a venerable British brokerage which had three years before become a subsidiary of Wall Street pugilists Drexel Burnham Lambert. In 1986 he moved to Crédit Lyonnais Rouse but was eventually, according to some accounts, asked to leave after a drunken incident at the London Metal Exchange.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}