Lest we forget – in 2007 Cameron endorsed even less regulation of banks than Labour ……

This is a timely reminder that the Tories actually felt that Gordon Brown had made the financial sector too regulated, and wanted to remove it even further. His comments about the banks not stealing our money should the regulations be lifted should be put in front of every documentary in big, bright golden letters just before it describes how the banks have indeed ripped us all off, and have created a massive global recession in which everyone except them is being punished.

Pride's Purge

(This isn’t satire – believe it or not)

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 ……………

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One Response to “Lest we forget – in 2007 Cameron endorsed even less regulation of banks than Labour ……”

  1. Jeffery Davies Says:

    Whot tickles me is that this lot are on to everyone to have a pension but when one does they use to rob the proffits from
    these another daylight robbery case in it together nay we alway on the outside jeff3

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