“Red tape has been used as a polemical bludgeon”
The new chair of the FSA Adair Turner has been typically direct in announcing his determination to clean up the City. This is exactly the kind of stuff the TUC has been saying for years, often without much support.
The BBC’s Paul Mason reminds us however just how strong the support for ‘light touch’ regulation has been in government.
And anyone who thinks the Conservatives are any better on the basis of today’s speech by David Cameron should read the report (pdf) commissioned from John Redwood and others by the same David Cameron. This contains the following gems:
“We see no need to continue to regulate the provision of mortgage finance, as it is the lending institutions rather than the client taking the risk.
We recommend deregulating venture capital fund raising, and investment for professional investors.”
Almost the whole political and economic establishment bought into ‘light touch’ regulation. It would be nice if they all said sorry.