Not exactly elephants
So the battle is on for the future of the City of London. The Bank of England wants a cautious approach to post Brexit regulation, the government seems determined to slash and burn. It even wants the right to over rule the Bank if it thinks it is too cautious.
It seems the fact that the world’s financial system nearly collapsed in 2008/9 because the whole sector was under regulated has been forgotten. It took 20 years for the Big Bang to implode and nearly destroy the whole economy.
The bankers made fortunes and kept their money while poor tax payers paid the price. The UK economy has never recovered and looks unlikely to any time soon.
Productivity is terrible, growth weak, skills inadequate, the Bank of England spent hundreds of billions propping up the economy. The money that had to be borrowed to cope has become a burden on future generations but now is the time to cut regulation and rules, cut capital requirements and let the City boom again.
Why on earth would anyone trust the City not to fill its boots again and leave the rest of us picking up the mess, again.
Why would you risk that? It was only 14 years ago, but hey, let’s let politicians overrule the regulators.
It’s not like the politicians are beholden to big finance, used to work there, raise money there and want to work there after their careers are over.
Don’t worry if it all goes wrong it will take years, those responsible will be long gone, the taxpayer will pick up the tab, again.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.
Didn't a chap called Rishi Sunak profit by £ millions from the 2008 crash?