They Blog For You

Our former Prime Minister, Gordon Brown, has apparently admitted that the unaccountable quangos he put in place to regulate the banks failed. He's right. His Financial Service Authority spent a decade subjecting every financial institution to a complex web of compliance - so much so that firms had to create entire compliance departments.  [...]

The Banking Commission says its key objective is to protect the UK taxpayer from another bailout. At the same time, they suggest a sort of two-tier system within banks, as opposed to institutional separation. Sounds to me like they're proposing the sort of changes I was aiming at [...]

               On Monday 11th April we will hear or read the preliminary conclusions of the Vickers Report into banking. A lot is riding on a successful outcome to this important Inquiry.               Politically John Vickers has to say enough to persuade people he understands the anger many feel about the conduct [...]

                 First we are told that providing a new loan to Greece, or Ireland, or Portugal, creates a line in the sand, prevents the contagion spreading. As each sucessive loan demand showed, that did not work. The incoming tide of debt erased the lines. The contagion spread. The mixed metaphors [...]

I am told that there is a new welcome emphasis on the public’s views at Downing Street. They are taking polling more seriously. It was worries by the public about the Health reforms that lies behind the recent decision to consult again and if necessary to change the plans. I trust [...]

As has often been said, the banks have a policy: privatise their gains, socialise their losses.   However we should have a different policy: make the banks pay for what they have done and restructure them so that they can never do it again.   Fat chance of course that anything like this [...]

Tory tax rise means thousands more families to lose their child benefit Up to an extra 750,000...

Tory tax rise means thousands more families to lose their child benefit   Up to an extra 750,000 people will become higher rate taxpayers tomorrow (Wednesday), meaning that thousands more families will lose their child benefit in 2013 Labour will warn today.   Following changes announced in last June’s Budget by George Osborne [...]

The internal contradictions in Osborne’s economic policy multiply.   Before the election he complained quite rightly that the nation’s private debt was far too high – in the bubble years it reached £1.35 trillion, only slightly less than the nation’s entire GDP which was £1.45 trillion.   It is now £1.56 trillion, [...]

               Readers will know I am against the UK lending any money to Euro member states in trouble. We kept out of the Euro thanks to some of us arguing that case. Some of us  forecast the likely problems and do not see why the UK should pick up any of [...]

                        As a critic of the regulators in 2006-7 I said the banks should be made to hold more capital. In those days they were too heavily geared. The banks were allowed to lend far too much money with far too little capital to pay the losses if some of the [...]

We like to think of Britain as a free market economy. But are we? In a little over a decade, state spending as a percentage of GDP has increased from around 35 percent to approximately 50 percent. That's higher than in certain former Soviet republics. It is not simply that so much economic [...]

It’s difficult to get excited about the AV referendum.   It will probably be won not because of the merits of the AV system, not even because most people necessarily understand what it means, but because by 5 May the Tories, who are campaigning hard for a ‘no’ vote, will be very unpopular.   However, [...]

I couldn't let the Budget debates pass without putting in a word for small businesses. I want the Government to look at ways to improve bank lending - it is the only real way that small businesses can achieve any sort of decent growth and transform into larger businesses. The [...]

It is astonishing that the banks, having cost the country £68bn in bailouts plus an additional £850bn in loan guarantees, asset protection schemes and enhanced liquidity, have not been reformed in any way in structure, pay, bonuses or lending.   True, the Vickers Commission is due to report later this year and [...]

KEVIN Brennan MP has accused George Osbourne of giving with one hand but taking it away with the other over his plans to cut 1p off fuel duty - weeks after his VAT rise added 3p.The coalition Government increased VAT by 2.5% in January which pushed petrol prices up by [...]

Mr John Redwood (Wokingham) (Con): I remind the House that I offer industrial business advice to a Swedish, quoted international industrial group and investment advice to a British investment company. Some Opposition Members have expressed displeasure that Government Members should have mentioned the circumstances in Greece and Portugal. The Opposition rightly [...]

This Budget does nothing to help families in North Wales who currently face real challenges and...

This Budget does nothing to help families in North Wales who currently face real challenges and from April will find a real cut in their incomes, nor does it help our businesses to grow.   Before yesterday’s Budget Labour called for a re-think to George reckless plan to cut our public [...]

I’ve a question on the Commons Order Paper today asking the Chancellor what steps he’s taking to reduce inflation.  It could be rather timely given that the Retail Price Index has just hit 5.5%.    Assuming I get the chance to ask it, I wonder what his reply will be? [...]

                Reform have produced a sensible pamphlet entitled “Off balance” prior to the Budget. Unlike many commentaries about the last five years it agrees with this website that large errors made by Central Banks and Banking Regulators in leading western economies caused the violent boom and bust cycle. It was [...]

Delyn MP David Hanson has expressed is real concern at the latest rise in unemployment across the...

Delyn MP David Hanson has expressed is real concern at the latest rise in unemployment across the UK. UK unemployment rose by 27,000 in the three months to the end of January to 2.53 million, the highest since 1994. The Office for National Statistics (ONS) said the jobless rate was now [...]