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Monday, 14 September 2009

Well fancy that

Robert Peston has just interviewed the fast fading PM, including the following exchange:

Peston: It turned out that our banking system here in the UK was one of the two weakest in the world. The other banking system that was in as much difficulty was the American banking system. Do you have no personal regret about failing to spot that?

PM: No, I've been very clear. We should all have been supervising more. In fact, you know, you ask the question: Is the lesson of the last 12 years that we should have supervised more (which is my view) or supervised less (which is the view of our opponents)?

Funny that, because in 2005 Brown told the CBI: "The new model we propose is quite different. In a risk-based approach there is no inspection without justification, no form-filling without justification, and no information requirements without justification. Not just a light touch but a limited touch. Instead of routine regulation attempting to cover all, we adopt a risk-based approach which targets only the necessary few."

Forget Alan Turing. It seems we all deserve an apology.

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