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In short, Cameron seems to be promising rules changes that will mean no more "boom and bust".

I wonder why no-one has thought of that before...

This is good sensible stuff. We should also clearly say that individual bankers are not above the law either.

We musn't let the current crisis undermine the drive to liberalise markets, boost liquidity and encourage entreprenuers.

Yet at the same time, we must say that while we don't object to bankers being paid a bonus when they do well, if they break the law, deceiving customers and shareholders, then they should answer to the full force of the criminal law.

We want HONEST hard-working people in the city, who aren't too risk averse but at the same time play by the clearly set out rules.

This is very good to hear; the only criticism is that it has taken a catastrophe to get the leadership to articulate these things. Peter Lilley in 1997 and various other conservatives since then - e.g. John Redwood, Howard Flight, Michael Fallon and Michael Howard - have been pointing out such things over the years.

We have lacked a co-ordinated and coherent message over the past few years. Let us all speak with one voice now - and loudly!

The Bank of England is far from being a perfect insitution. Several bad things happened on its watch in the '80's and 90's (BCCI,Johnson Mathey etc) but it is better by far than the FSA which has a reputation of routine failure.

Excellent well thought out speech. Expect zero debate from The BBC.
I did enjoy this, however!


So much for Brown taunting that we are isolated, yesterday.


Asking the free market to be 'socially responsible' will work about as well as asking MPs to show integrity when claiming expenses.

Even Brown has admitted that he isn't sure that any amount of regulation could have headed off the recent crunch.

Forget regulation - just insulate the public purse from commercial risk, and let the markets do what they do best - let the bad companies fail, and tax the good ones.

"Asking the free market to be 'socially responsible'..."

..is like asking charities to be more profit-focussed.

"Mr Cameron emphasised his desire to restore the role of the Bank of England in regulating the level of debt in the economy,"

That would be the BoE that helped cause this crisis by holding interest rates too low?

Law and order yes,
And the application of common sense.
And a jiudicial enqury to get the crooks.

"That would be the BoE that helped cause this crisis by holding interest rates too low?"

Interesting one that. Both Eddie George and Mervyn King were outvoted consistently on rate cuts - and have quietly said so. SO just how independent were they?

"Both Eddie George and Mervyn King were outvoted consistently on rate cuts - and have quietly said so. SO just how independent were they?"

I'm not sure what you mean. Quietly said so to whom?

The voting records on the Bank of England website show that (as far as I can see) Eddie George was never outvoted by the MPC and Mervyn King has only been outvoted twice since becoming Governor.


Noting the criticism of the creation of the FSA by Peter Lilley, was this one of the policies (along with the minimum wage) that Portillo agreed with in his first speech in the House as shadow chancellor?

Oldrightie - you ae right to query whether the BBC will go on this but its not just them - I don't expect the DT to give it prominence going on their past record where every utterance of Browns is giving star treatment, but those of Camerons are sidelined - unless as over the weekend its bad news. Frankly, Cameron gets far better treatment in news covereage from the Guardian. In myv iew, both the mail and the telegraph ae an utter disgrace in the way they treat Cameron.

Well i wouldn't worry too much about the mail it's so right wing it's a joke. Good speech from Cameron though. He must keep trying to articulate that it is reformed capitalism that will get us through this crisis not big government!

Tom H;
You are correct that the Spreadsheet speaks for itself in voting totals. I have not expressed myself clearly. My understanding is that Eddie George and Mervyn King were subjected to severe arm twisting before meetings.
I would suggest that Iain Dales' contacts might be investigating this further as they were keen to establish Eddie's thoughts on the new regulatory structure brought in by GB who seemed to "get his way" an awful lot of the time.

A fascinating question, Richard J:

"That would be the BoE that helped cause this crisis by holding interest rates too low?"

Can we possibly believe that the MPC were naive enough to set interest rates on the basis of an artificially low index of inflation?

Did none of them ever query the value of using the CPI for this exercise and did none of them foresee the possible consequences?

If the latest news is right - and the markets have underminded gordon browns quantative easing programme by refusing to buy his gilts - then it maybe that the markets are actually rescuing us from a financially inept government.

If so - well done the markets - maybe they realised that the people of this country may well not prepared to foot Browns Big Bill.

I hope the tory front bench take this on board too.

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