The Nelson Touch” has gone down in history … it gave us victory at Trafalgar and cemented British dominion of the seas for the next century and gave birth to the British Empire.
Sadly for the Nation another one-eyed man’s touch has proved to be disastrous for the British economy and its lasting heritage can at the moment only be guessed at.
There is no end to the many and manifold sins and wickednesses that Gordon Brown either as Chancellor or Prime Minister has inflicted on this country. In connection with this awesomely frighteningly disastrously unfolding financial crisis Brown seems to have excelled himself. And Browns statements about regulation in general and financial regulation in particular are a devastating indictment of hubris on a massive scale.
The government – this LABOUR government – has been unequivocally in charge since 1997. Under Gordon Brown it drastically changed regulation to a light touch ‘risk based’ model. It did so back in 2005. The ‘Better Regulation Action Plan’ should be hung round Browns neck as a noose that terminates his premiership.
How many times do we need to repeat his words before the nation wakes up?
We will look to apply on a wider basis the principle of risk based regulation to financial services legislation and the work of the FSA.
The FSA, which we set up in 1997 as a world leading example of how to regulate financial services … has already done valuable work on adopting a risk based approach and I welcome the thinking it is doing about how it can further reduce the burden of financial regulation.
A risk based approach helps move us a million miles away from the old assumption – the assumption since the first legislation of Victorian times – that business, unregulated, will invariably act irresponsibly.
Every single one of those words is a nail in Browns coffin of credibility.
Why did the Titanic ship of state hit the economic iceberg?
BECAUSE THE CAPTAIN WAS ASLEEP AT THE WHEEL.
In this time of crisis the Opposition are offering support, certainly for the principle involved – well realistically its the only option available – so the govt know they can get on with it without being criticised. But what happens? All lefties can do is take advantage of this and make party political points. I think Browns pathetic party politicking at QMT will come back to haunt him – given the points I make above – he deserves it