Fred's Law

New Legislation to protect security, economy and reputation of the UK.

Suggested and written by Frederick William Gilling.  Tuesday 10 July 2012

Until such legislation is proposed, passed and named it could, for ease of reference, be called  “Fred’s Law”.

In recent years I have become annoyed at hearing quotes such as:

I acted within the rules.

I did no wrong.

It was not against the law at that time.

Everyone was doing it.

Within the last three weeks the clever tax avoidance method [K2 scheme in Jersey] used by some people and the manipulation of LIBOR, by at least one huge bank, has prompted me to revise and rework a suggestion that I made some time ago.

Examples of the above defences were provided by the problems with MP’s expenses, the Phoenix Four and various Casino type “investments” and “creative accounting” procedures, these investments often made with other peoples money.

I feel and hope, that the following suggested legislation would be welcomed by the majority of UK citizens. “ If any UK citizen commits an act, anywhere in the world, that has a serious detrimental effect on the security, economy or reputation of the UK, they shall be guilty of an offence.” Legal experts should compile the legislation but it must be kept as clear and as simple as possible. Having said that, and from a heavily biased viewpoint, I feel it is very clear and simple as written, providing the judiciary, through case law, establish the boundaries of “serious” as well as potential situations involving members of Government and the defence forces, acting with the authority invested in them.    The punishment for committing such a crime can range from a magistrate dismissing the case for being too trivial, up to the UK Supreme Court imposing a fine, large enough to cover any financial loss involved, and or imprisonment up to life.

LIBOR manipulation broke Fred’s Law in respect of both the economy and reputation of the UK.  Those responsible for the manipulation could find themselves paupers and maybe prisoners as well.

On a slightly different, but applicable path, I note that for a couple of years there has been a fair amount of interest in the salaries and “perks” of Directors and CEO’s etc.  Has any notice been taken of The Greenbury Report of July 1995?

F W Gilling

Copies to: The MP for West Dorset. The Prime Minister. The Deputy PM. The Lord Chancellor. The Leader of the Opposition. The Director of the Daily Mail and General Trust plc. The Editor of the Telegraph. The Director General of the BBC.