Tories were calling for more deregulation of the banks before 2008 crash, so is it fortunate Labour were in power at the time ?
A report produced by the Conservative Party in 2007 – endorsed by Cameron – called ‘Freeing Britain to Compete‘ recommended that a vast range of regulations on the financial services industry should either be abolished or watered down, including money-laundering restrictions affecting banks and building societies. The report also saw “no need to continue to regulate mortgage provision“, saying it is the lender, not the client, who takes the risk
- 1 month agoFavorite Answer
This country gives virtually nothing in interest on savings but the banks just upped their charges for us to borrow with this is the biggest rigged economy in history
- Jacks AnsLv 61 month ago
Hopefully in 2031 we'er get to know like we have done today with this mad cap report about what the Tories planed for the banks back in 2007 what exactly mad cap plans the Labour party had for this country in 2019.
As neither of them since 2007 have managed to cover themselves with any glory but just more of the same old cr@p.
- Ding DongLv 61 month ago
The worst offender, RBS, didn't make the then government aware of their situation until 24 hours before they were going to have to stop trading so all Gordon Brown had time to do was what he did, give money otherwise so many houses were going to get repossessed and savings over £50,000 would have gone, that's all people were guaranteed at the time. Also, thousands of people would have been unemployed with owed wages kept because an insolvent company doesn't actually have to pay owed wages, Kwik Save didn't.
- Anonymous1 month ago
Labour bankrupted the country.
- How do you think about the answers? You can sign in to vote the answer.
- 1 month ago
Yeah thank God for that or we'd really be in it, it just goes to show you how economically inept they are, all they do is slash and burn, whatever the speculators want and after 10 years of their incompetence our economy is in tatters.
If they didn't have the entirety of the mainstream media on their side nobody would vote for these rubber Johnnie's
- catrin lLv 71 month ago
It is indeed. The effects of the crash were bad enough as it was, though it is astounding how the gullible still blame the Labour Party for the fallout.
The economy was doing really well, with far less of the boom and bust so beloved of capitalists, until the full effects of the previous deregulation of the financial sector scuppered it. Pity it didn’t break for a few more years, preferably when the Tories were in power.
- Anonymous1 month ago
The Tories have had a decade to implement deregulation and yet they have not done so, but it does indicate they are looking at how they can make the UK more competitive.