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.

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.