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The text of this was delivered as a speech at The Adam Smith Annual Lecture, St. Stephen’s Club, 4th June 2009.

Dr Eamonn Butler on the cost of government and how to reduce it.

Dr Eamonn Butler explores the Chancellor's lack of understanding of basic economic theory, whilst pin pointing, through basic science, why his policy on tax will have a harmful effect on the public.

Dr Eamonn Butler points out that the Government will find it increasingly hard to pay off its huge debt, whilst warning of the problems that could occur if the Government goes through with the increased tax percentage on the rich.

Do we live in a country where our every move is being watched? Dr Eamonn Butler believes that the huge number of CCTV cameras on our streets have caused a new wave of anxiety amongst the public, as the police can easily target the innocent for insignificant crimes rather than taking care of the real threats to society.

Testament to the inability of non-executive directors to maintain a rigorous oversight over the activities of banks’ executive team is reflected in the mounting losses reported by those two ugly sisters of Scottish banking, RBS and HBOS. Cross-examined by the Treasury select committee earlier this year, it was clear that the non executive members of the board had failed to rein in their CEO’s meglomania. What is more, it was revealing to learn that neither the chairmen nor the CEOs of the two banks had any banking qualifications. Nor had Adam Applegarth, the CEO of Northern Trust, or Matt Ridley, the chairman, ever sat a banking exam. [Cont'd]

Dr Eamonn Butler argues the case for tax havens. He investigates why the G20 leaders would be so against tax havens and the people who use them.

Adair Turner, the former McKinsey consultant who now heads the FSA, published his much-heralded regulatory response to the global banking crisis last week.  By all accounts, Gordon Brown will use the report as the basis for his initiative to re-regulate the world’s banking markets at the G20 Summit due to be held in London next week. While the report includes some telling insights into the current credit crisis, described in the opening paragraph as “arguably the greatest crisis in the history of finance capitalism” it is fundamentally flawed in its approach to the daunting task ahead. The report sets out a raft of new initiatives: higher capital adequacy margins; closely monitored liquidity regulation; greater oversight of hedge funds; curbs on bankers’ bonuses; rating agency oversight; and what is referred to as “intrusive and systemic supervision”. Yet in truth what is needed is not so much a stack of new regulation, but a regulatory regime that enforces the existing rulebook while eliminating regulations that are either unnecessary or unenforceable. [Cont'd]

Today, many industrialized nations have developed a multitude of social programmes, and these have become so entrenched that theorists, and politicians alike, claim the 'right' of citizens to their services. We are told we have a right to health care, education, unemployment insurance, and so on. Indeed, Jack Straw, the UK Justice Minister, recently proposed to codify these entitlements in a new British Bill of Rights. But do we, as citizens of developed nations, actually have these rights?