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Rein Back the Financial Services Authority
Intrusive regulatory regime, (opining that the FSA was) increasingly a tool of the Treasury
Quote by: Oliver Letwin
Quote made on: July 2004
Quote Submitted by: Financial Foot in Mouth
Source: The Sunday Times
Editor's Notes
In July 2004, Oliver Letwin stated that an incoming Conservative government would abolish or rein back the Financial Services Authority (FSA) because of its “Intrusive regulatory regime”, opining that the FSA was, “increasingly a tool of the Treasury” which threatened to squeeze the life out of the City by over-regulating it.
It is interesting that, only a few short years later, light touch regulation is being seen as one of the primary reasons for our current economic woes. Indeed, the long-awaited report into the failure of the Royal Bank of Scotland was published in December 2011 and, principal among its causes, were `light touch regulation and a catalogue of financial errors’ (Daily Mail). Populist statements, either in government or opposition often come back to haunt politicians.
(3 votes, average: 6.33 out of 10)
Loading ...Published on: July 8, 2012
I`m sorry, there is no money
he will be one of the most significant members of the Cabinet
Quote by: Wintour and Watt
Quote made on: 2010
Quote Submitted by: Financial Foot in Mouth
Source: Liam Byrne`s Treasury letter
Editor's Notes
Wintour and Watt speculated that Liam Byrne`s Treasury letter in 2010 (“I`m sorry, there is no money”) would help David Laws implement the “savage” spending cuts required, saying, “he will be one of the most significant members of the Cabinet”.
Unfortunately for the talented Mr Laws, 16 days proved to be a long time in politics, as the eruption of his expenses scandal led to a resignation in the same month of his appointment to Cabinet.
(1 votes, average: 10.00 out of 10)
Loading ...Published on: February 22, 2011
