'Bank of England meeting minutes reveal officials' concerns about Gordon Brown's plans to solve banking crisisThe Labour government put the financial recovery at risk by rushing through new laws despite the Bank of England warning they were 'ill-conceived and misguided', newly-released documents reveal.Minutes from meetings held by the Bank's directors at the height of the financial crisis from 2007 to 2009 have been published for the first time.The minutes reveal tensions between the government, the Bank and the Financial Services Authority, as they battled to stop the British economy collapsing.Alistair Darling and Gordon Brown, then Chancellor and Prime Minister, claimed credit for saving the banking system, but the minutes reveal serious concerns over Labour's strategy at the Bank of England.The minutes reveal particular tensions over the drafting of key pieces of legislation to stem the financial crisis. According to the notes, Bank officials believed that the proposed legislation was being hurried for political purposes.'
Friday, 16 January 2015
Labour plans were 'ill-conceived and misguided' during financial crisis per The Telegraph reporting on Bank of England minutes
The Telegraph recently reported thus:
Well there's something that I can't recall the BBC reporting at all. Imagine these were minutes revealing that the Bank of England thought that the Margaret Thatcher or David Cameron government had 'put the financial recovery at risk by rushing through new laws despite the Bank of England warning they were 'ill-conceived and misguided'', how large would the BBC headlines have been? How often would Robert Peston have been called upon for his expert analysis of the culpability of Conservative government? How often would Nick Robinson be called upon to comment on the no doubt 'explosive revelations that' Bank officials believed that the proposed legislation was being hurried for political purposes.'.
But this is a report that casts a bad light on the Gordon Brown Labour government and the BBC have no interest in reporting anything of that sort.