Anorak News | Barclay’s all our fault say Labour – Lord Tunnicliffe confesses

Barclay’s all our fault say Labour – Lord Tunnicliffe confesses

by | 29th, June 2012

BARCLAYS banks greed and bad practice is Labour’s fault. This was always fairly obvious but now someone has come out and said it:

Lord Tunnicliffe, Labour’s deputy chief whip, accepted that his party was responsible for gaps in the law left by the financial regulation regime introduced under Gordon Brown.

His remarks undermined the demands of Ed Miliband, his party’s leader, for a criminal investigation into alleged wrongdoing at Barclays and other banks. During a House of Lords debate on the scandal, Lord Tunnicliffe, speaking for the Opposition, said: “Criminal sanctions are extraordinarily difficult to bring about because of the burden of criminal law.

“It is fair to say though that you can’t find them in the current legislation. And, yes, OK, it’s our fault.” He added quickly: “I hope my leaders don’t hear me say that.”

That what was going on was not illegal is indeed the fault of those who wrote the laws which governed the City. That it was going on without the regulators finding out or doing anything if they did is also obviously the fault of those who wrote the regulations and hired the regulators.

And yes, it was Ed Balls and Gordon Brown who created the regulatory structure, the FSA and all, to regulate the City. So some of the blame must fall there.

No, not the blame that the bankers screwed around: the blame for not stopping the bankers screwing around.

All of which makes Ed Miliband’s position a little difficult really, doesn’t it?


Posted: 29th, June 2012 | In: Money Comment | TrackBack | Permalink