UK allowed to sleep-walk into recession
Posted by michael on September 29, 2009
quote from the Mails report of the speech
Brown sought to ally the Tories to the financial crisis, by arguing that the banks’ collapse was caused by the failure of the ‘Conservative idea that markets always self-correct but never self-destruct’.
Interesting. I thought that the financial crisis was caused by Gordon Brown’s failure to regulate the Financial industry in the UK.
Whilst Brown, first as chancellor and then as (unelected) prime minister, received lots of money from the financial industry, there appears to be very little regulation going on.
The banks were allowed to do what they wanted because Brown allowed them to.
There are of course lots of reasons for the recession that we are slowly coming out of. But it is my view that the primary reason as far as the UK is concerned is that our chancellor and our prime minister failed to regulate the financial industry and the UK sleep-walked into recession.
