Dear Editor, In that the opposition parties have used the financial crisis for tit-for-tat politics and neither of them could have organised the G20 except in their wildest daydreams, and one at least, wrapped up in its Little Englandism, doesn’t seem to have the vaguest understanding of its importance, it’s possible to have some sympathy with Mr Brown.
Yet none of this exempts him as chancellor from the $64,000 question which is why wasn’t the White Paper out this week on financial regulation not introduced years ago from 1997 onwards, well before the crash, demanding higher capital ratios and thus lowering the risk of collapse under the strain of bad debts – especially if he had spotted the threats within the financial system from the 1997 crisis in Asia, as he claims.
Whilst this question finds New Labour ideology clearly wanting, it is also clear that neither opposition party would have acted to regulate the banking system either, though they would claim to have been well on top of the situation, had they been in office.
Bill Haymes,
Norfolk Street,
Coventry.
