With my business hat on I have just received an Interim Report from the Independent Commission on Banking and it certainly makes for interesting reading. (They gave a choice, either to read the full version at 214 pages, or the summary at 6 – ‘no brainer’ I think you will agree!)
So why ‘interesting’? Well, as you know in my recent blog I pointed out the umpteenth lie that the Tories have peddled, but this is the original – that the last government were responsible for the deficit. What a whopper!!!
This independent non-political review clearly and categorically explains that the crisis is totally and absolutely the fault of the banks. (As you all know the bank bosses get paid millions in bonuses, and for doing what? In any other business you’d be sacked for being so incompetent but with banking it would appear that you just get promoted to Chief Executive!) And indeed what the Labour government did, under Gordon Brown, was the ONLY course of action that could be taken, endorsed by this quote in the report: “to avert panic and ensure continuous provision of the basic banking services upon which the economy and society depends, governments and central banks injected vast amounts of capital and liquidity into the financial system”.
Not only did the Tories conveniently hide this they also omitted to tell Jill & Jo Public that if the banks had been allowed to collapse, and one can only assume this would have been the Tories dire course of action, it would be Jill & Jo’s money - our money - that would be lost. That scenario really doesn’t bear thinking about, so we can all thank our lucky stars that they weren't in power at the time!