The escalating coverage of the Tory party kerfuffle about an in/out referendum rarely mentions what lies behind all this. Iain MacWhirter, writing in the Sunday Herald put his finger on it:
“The EU is in the process of constructing a fiscal and banking union because of the eurozone crisis. Europe's central bankers have concluded the only way to stop any recurrence of financial turmoil is to create a central European treasury with powers to regulate banks and to issue bonds backed by the EU rather than simply member states. This would stop borrowing costs rising unsustainably as they did in Greece and Spain last year.
To finance all this and police the banks, the EU wants to cap bankers' bonuses and introduce a financial transactions tax on banks' activities. This money would go into an insurance fund to guarantee a future bailout is paid for by banks, not taxpayers. Many regard these measures as the very least needed to get banking back onto a stable and socially-responsible footing.
But the City of London's bankers are fiercely opposed to the tax. They don't want to lose their bonuses either. They say financial services is one of Britain's biggest earners and Europe simply wants to cut British finance down to size.”12/5/13
So there it is in a nutshell. The Tories are acting on behalf of their paymasters. The City pay over 70% of the Tories funds. Many Ministers and Tory MPs have a financial background or still work in the City. He who pays the piper calls the tune. The City are telling the Tories its payback time. Bonuses are at risk. The good of the nation can go hang. There are bonuses at risk. UKIP are a useful lever. Bonuses are at risk!
Anything and everything the Tories say on the European issue must be treated with the utmost scepticism. They are a bunch of unscrupulous liars and spivs who put their self-interest before the interests of the nation.
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