Dear <<First Name>>
Nail-biting Re-Election as Parliamentary Committee Chair
This month marked the halfway point through this Parliament’s five year mandate, when all the Committee Chairs face another election. Rival candidates can be nominated by the political Groups and can challenge incumbents for the Chair in a simple majority vote by Committee members.
My re-election as Chair of the Economic and Monetary Affairs Committee was by no means a sure thing! It had been reported by some commentators that due to David Cameron’s veto of the Stability Union Treaty, a Brit could and should not be allowed to remain in the driving seat behind key financial legislation.
The French were most outspoken on the negative impact of David Cameron’s actions and initially looked to be fielding a candidate. However, this would have been equally unpopular with the Germans, who were seeking the leadership themselves.
The week before the election, The Times rather ominously placed me at number 48 in their ‘100 to Watch in 2012’ list. I was flattered to be included with the likes of England goalkeeper Joe Hart (#76), Boris Johnson (#51), Barack Obama (#21), but the entry again made clear that my election wasn’t secure:
"Not just MEP but Chair of the European Parliament's Economic and Monetary Affairs Committee, making her one of the most influential figures in European financial regulation. There has also been a lot of speculation that she may be in the sights of MEPs looking for vengeance after Cameron used the veto which again makes her worth watching."
Election Day finally came on 23rd January, and it became clear that the French and German delegations had accepted that the best way forward was to have an impartial Chair. This impartiality was mentioned by several Committee members, and I believe that this was the key to my victory.
Naturally, I am delighted to have been re-elected. I take very seriously the responsibilities of Chair and will be at the forefront of efforts to re-engage the UK and put it at the heart of Europe. The City of London is an important financial centre, with expertise drawn from all Member States, and an asset that the EU needs to maximise.
Nick Clegg was kind enough to
say of my election:
“As party leader, I am proud that we have a leading Liberal Democrat in such a prominent and powerful position on the international scene. As UK Deputy Prime Minister, I am delighted and relieved to know that the EU Financial Services brief is in such expert hands.”
On the committee's agenda this year are some big dossiers, including the latest legislation on Capital Requirements, Markets in Financial Instruments, Market Abuse, Economic Governance, and the Bank Crisis Resolution. This month I have spoken on bank capital and market abuse.
As Chair, I will continue to have a prominent role in the Eurozone’s recovery from the crisis. Straight after the re-election, I chaired a hearing on the latest developments on the Eurozone, new treaty arrangements and the rescue funds.
Thanks go to all my colleagues, staff and friends for their support. I am sure that we will continue to be an engine for ideas and policy-making as we face the sovereign debt crisis and the urgent need for growth.
Buying Fake Goods can harm your health and it undermines the UK Economy
The demand for fake goods is set to rise as families and individuals try to reduce their spending. Fake versions are normally much cheaper than the genuine over-the-counter goods that they imitate.
However, what is often not addressed is that the purchasing of fake goods, such as medicines, alcoholic drinks and cosmetics, not only puts consumers' health at risk but also harms the UK economy.
There are plenty of examples of the risk to health: in 2007 the UK Government's medicines watchdog issued a recall of thousands of drugs used by the NHS to treat stroke patients, men with prostate cancer and schizophrenics because the drugs were discovered to be counterfeit. In the run-up to Christmas last year, it is believed that 165,000 bottles of fake vodka were distributed by a criminal gang to shops across the UK. Tests revealed that high levels of methanol, which can cause blindness if consumed in large quantities, were present in the ‘Vodka’.
With smuggled goods and black market outlets, VAT and other taxes are also avoided - money which could be used to pay for the NHS and social care, services which many people rely on.
Reports by the International Chamber of Commerce put the annual cost of counterfeiting to the global economy at £386 billion, which is more than the bailouts of Ireland, Portugal and Greece put together.
Many consumers are attracted by the low-prices that ‘cash-in-hand’ can offer. However, in the current climate, the tax needs to be collected rather than avoided if our economy is to recover.
In addition to fake goods, there is also a significant black market in smuggled goods, especially drink and cigarettes. It is important that we don’t allow demand for black market goods to grow. While buying fake cigarettes from a ‘man down the pub’ may not appear to have wider detrimental effects, criminal gangs often use this activity to fund more serious crime.
Making sure of your sources and paying VAT and other taxes on goods may not be the most popular New Year's message but the UK is losing out to criminal gangs and counterfeiters so it is worth highlighting.
This month I have also:
Explained the risks of Fracking to the South East
Called for moves to tackle food waste
Joined a task force on capitalism
Criticised Executive pay
Told dodgy consumer credit websites that they face an EU clampdown
Appeared on BBC2’s Daily Politics – where I was called one of the most powerful women in the EU!
Look out for my next issue on February 29th!
