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BSA conference: Europe treaty will fail, says Darling

The European fiscal stability pact is akin to the Treaty of Versailles and will not work says former chancellor Alastair Darling.

Speaking to the Building Societies Association conference in Manchester today Darling says the pact is not working because it offers so little hope to people.

Over the weekend Francois Hollande was elected president of France on an anti-austerity message while the Greek election saw more than half of voters opting for parties that oppose its bailout agreements.

Darling says: “The Eurozone plan for Greece was always doomed because it was never going to work. It left Greece with a 120% debt in 2020 so it wasn’t credible.

“The other issue that was all too foreseeable is that if you push countries to a situation where they have no hope and no light at the end of the tunnel then the electoral results in Greece are not unexpected.

“People will turn to simplistic and sometimes downright nasty solutions. What Greece needs is a credible plan to recovery and light at the end of the tunnel.

“The European treaty has the same foresight as the Treaty of Versailles where you institutionalise a downward spiral. The day it signed it Spain said it could not meet its target and the Netherlands government has fallen because of it. It doesn’t seem that it is going to work.”



Shadow MPC – May

We have reached a delicate point in the long road to recovery, with recent activity in the housing market a good sign. But the situation could easily change and the focus has moved from rates to interpreting data and prospects for the economy

PTFS makes interim CEO permanent

Max Wright has been appointed permanent chief executive officer of Personal Touch Financial Services. Wright has been interim chief executive since February, after former chief executive Doug Crawford left the business.He has also been a non-executive director at PTFS since 2009. Wright says he is excited and delighted to take on the challenge of leading […]


Guide: what you need to consider for your auto-enrolment project

In this guide, Johnson Fleming reveals what items you need to understand to gauge the impact of auto-enrolment on your business. The guide focuses on: the impact that your auto-enrolment scheme will have on you; assessing your workforce; understanding your staging date; reviewing your current provision; and modelling contribution levels and costs.


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