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FSA to blame

Steve Hall makes a few good points in his letter (December 11), but unusually I’d have to question the logic behind his reasoning.

Steve Hall makes a few good points in his letter (December 11), but unusually I’d have to question the logic behind his reasoning.

I’d make the point that many half-baked and unpopular policies have been followed by successive governments over the years, both Labour and Tory. However, it’s pointless to try to blame the present situation on the foibles of past administrations - that is history, and this is the present.

Whereas the banking collapse was indeed the doing of over-greedy fat cats, the overriding failure must rest with the Treasury-appointed FSA whose remit it is to intervene to prevent such occurrences.

Had it done its job properly there would have been no need to shore up the banks with billions of pounds of public money to begin with!

The plain fact is that this government, such as it is, has been in complete control for over 12 years now. During that time it has turned a sizeable economic surplus into a deficit approaching a trillion pounds.

Do we doff our caps in gratitude to Mr Brown for selling off most of our gold reserves at the lowest price in 40 years, when interest rates were also the lowest for years?

I’d fully agree with Steve’s statement that this government couldn’t be trusted in charge of a sweet shop. However, I’d disagree that Mr Osborne is anywhere in the same league as either Brown or Darling - he’s a far superior economist than either of them .

John Bramham, Elmdon.

 

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