As the widening banking scandal in Barclays is breaking, it’s worth remembering that in 2007, Cameron endorsed LESS regulation of banks and specifically mortgage and pension provisions by financial institutions.
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.
Here are a few gems – direct quotes – taken from the report:
The (Labour) government claims that this regulation is all necessary. They seem to believe that without it banks could steal our money ……………
We need to make it more difficult for ministers to regulate, and we need to give the critics of regulation more opportunity to make their case against specific new proposals………
We recommend deregulating venture capital fund raising, and investment for professional investors………
A Conservative government should relax banking regulation, allowing a new breed of venture/micro-credit institutions…………….
Competition is the customers’ main ally. It is competition which keeps the bank honest ……………………
We see no need to continue to regulate the provision of mortgage finance, as it is the lending institutions rather than the client taking the risk………..
Our aim is to liberate the economy from the burden of unnecessary regulations……………
Before imposing traditional ‘heavy’ regulation, government should always consider whether the ends could be achieved by less burdensome means, such as through competition, incentive schemes, or self-regulation…….
The regulatory burden should be measured and reduced year on year…………
Greater use should be made of “codes of practice” rather than direct regulation………..
From its first days in office, a Conservative government should challenge the public and press assumptions that encourage excessive regulation, and explain the likely effects of and reasons for its regulatory reforms………
So please – let’s have no more of all this rubbish about Labour being the only party which didn’t regulate the banks enough during its time in power.
Because if it was up to the Tories – they would have regulated the banks even less.
This article was originally posted in Pride’s Purge.
From the News Release;
At the launch, Shadow Chancellor George Osborne said: “The Policy Group Report we launch today is the most impressive and comprehensive analysis of the state of the British economy produced by any political party in recent times
I’d laugh out loud but it’s just not funny.
You are right, Tyrone. It is just not funny.