Big bang 2, lesson learnt.
History seems to be a no go zone for the Tory party, the new Chancellor is intent on a Big Bang 2 for the City. Stripping away regulations and rules to try to make the City the financial capital of the world.
Funnily enough the City itself is warning the Chancellor that too many cuts for the sake of cutting red tape will undermine its reputation. You don’t, in short, become the financial capital of the world, if you are not a safe place to leave your money.
In fact, being safe is the financial products lecture 101. But the Chancellor wants to go further and give politicians the power to overrule regulators if they think they have been too strict.
Giving politicians the power to overrule the police and courts, what could possibly go wrong? It’s a spiffs charter, a far right wet dream and the best way of increasing “donations” to the ruling party imaginable.
But the bigger problem is that Big Bang 1 only took 20 years to bring the world’s financial system to its knees. We know what happens when you trust the bankers to regulate themselves.
That all kicked off 14 years ago and we are still paying the price; but, hell yes, let’s try it again.
The dangers are obvious to anyone with an independent mind, a basic grasp of economics or any common sense. But not the government.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.