View the article online at http://citywire.co.uk/wealth-manager/article/a759485
Too much regulation? There ought to be a rule against it
by Rupert Caldecott on Jun 30, 2014 at 12:09
It’s just as well Moses wasn’t a lawyer or, in the modern sense, a regulator. Had he been, we would have at least 4,673 commandments and enough tablets to sustain a French surgery for a week.
I have been somewhat cheered in recent weeks by a number of articles in the national press commenting on the extraordinary density and proliferation of regulation, particularly in the areas of taxation and corporate activity.
What is this urge to prescribe, why this explosion of instruction (often ill written or simply unintelligible)?
I seem to recall various political parties, here and elsewhere, promising to address the issue – and they have delivered nothing meaningful as far as I am aware.
Quite the contrary. They continue to oversee scribbling and re-scribbling.
In some locations (Brussels inevitably suggests itself), such activity is perhaps viewed as evidence of good government – though not the thing itself – and efficient organisation.
Voters, including those who chose not to vote, have at least made their thoughts clear. Do the rule writers think the rule takers are fools?
I imagine so, but in future they may need to develop a better honed instinct for self-preservation in those corridors where deflation stalks.
A challenge: can any of you readily recall a public market benchmark or procedure that has not been rigged by bankers in recent years? Answers on a postcard please, you won’t need a page of A4.
The price of standards
News sponsored by:
As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
Today's top headlines
From Nigeria to Pakistan and from Kenya to Kuwait, frontier markets are catching investors' attention as never before.