‘Harder questions’ for UK banks

July 10, 2009 at 12:47 pm

Alistair Darling has refuted claims that British banking regulations were the impetus for the global credit crunch. The Chancellor, who recently apologised for expenses claims on his second home, has moved to implicate bank executives as the miscreants behind the current recession.

Gordon Brown has endured almost constant humiliation over the past two years. After assuming office during one of the worst storm seasons in British history, the Prime Minister was forced to contend with the collapse of the banking sector, and now, in 2009, with the media furore surrounding MP expenses.

Few Britons would be surprised to find New Labour hunting for scapegoats on the backbenches. However, with almost 2.3 million people lining up outside the Job Centre, the axe had to fall on somebody.

Mr. Darling emphasised the need for tighter, more intrusive regulations, but urged bankers to be vigilant to developments in other countries: “Regulators cannot only look at their own backyard and hope to understand what is happening.”

Across the Atlantic, US President, Barack Obama has pledged to upend current banking regulations. Mr Obama has proposed greater protection for mortgages and credit cards, and tighter controls on regulatory agencies. He insinuated that the current banking system had been built upon a “pile of sand.”

Whilst the changes remain controversial, Alistair Darling believes that the US is trying to imitate the British economic system. Of course, if the Chancellor "is" hiding behind hogwash and hokum, the next election may prove fatal for Gordon Brown and New Labour.

Did your local MP claim for a wooden spoon, a duck house, or a church donation? The BBC has released a postcode search feature that should satiate your curiosity.

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