Saturday, 14 February 2015

Caught on camera, the day smoking Ed Balls triumphed over the Bank of England per The Telegraph

This Telegraph article is interesting for both the repetition of that which many of us have known and repeated for years but also for the supine BBC reporter aspect.
'1997 documentary reveals how Ed Balls and Ed Miliband helped Brown redraw banking regulations, despite Treasury fears and Bank of England protests

Ed Balls boasted of over-ruling the Bank of England as Gordon Brown stripped it of the power to regulate the City, a newly-uncovered film reveals.

The act that some economic experts argue contributed to the financial crisis was captured by a documentary film crew.

Gordon Brown's economic adviser is seen telling a senior journalist that the Bank strongly objected to the plan to hive off regulation of the finance industry to a new watchdog – but they had no "choice" over the decision.

The then-30 year old is later seen jubilant after the BBC's John Sergeant gave positive coverage of the move to create the Financial Services Authority, telling Mr Brown: "Sergeant bought the whole bloody lot."'

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