Peter Mandelson: City dominance must end

[Cyberman]

The very lender they allowed to lend without restriction? You know - 125% morgages and all that?

HMG and its regulators knew that they and other banks were doing this but turned a blind eye. That says it all to me.

[HairyArsedBloke]

HMG and its regulators knew that they and other banks were doing this but turned a blind eye. That says it all to me.

actively encouraged it

[Cyberman]

actively encouraged it

Can anybody really believe that this was not the case, except the most die-hard Labour supporter, and thus that HMG are culpable for creating this mess ?

[NickFitz]

The Conservatives effectively shut down most wealth-creating industries such as manufacturing in the 1980s. They argued that an economy based on service industries was more appropriate to "the modern world". The service industry that they relied on the most as a mechanism of wealth creation was the City.

The "New Labour" government has made the mistake of believing the same nonsense as the Tories concerning the viability of relying on financial services as a mechanism of wealth creation. As is now clear, this was just stupid.

The obvious conclusion is that adopting Conservative ideas about how best to ensure the enduring prosperity of the nation is stupid.

David Cameron is probably praying that he doesn't win the next election - he'll face a mess that can't be cleaned up, and the obvious fact that it's ultimately down to the mistakes his own party made twenty years ago.

Meanwhile, back in Daily Mail Land, it'll all be the fault of... well, somebody else. Probably of swarthy complexion.

[BrilloPad]

The Conservatives effectively shut down most wealth-creating industries such as manufacturing in the 1980s. They argued that an economy based on service industries was more appropriate to "the modern world". The service industry that they relied on the most as a mechanism of wealth creation was the City.

The "New Labour" government has made the mistake of believing the same nonsense as the Tories concerning the viability of relying on financial services as a mechanism of wealth creation. As is now clear, this was just stupid.

The obvious conclusion is that adopting Conservative ideas about how best to ensure the enduring prosperity of the nation is stupid.

David Cameron is probably praying that he doesn't win the next election - he'll face a mess that can't be cleaned up, and the obvious fact that it's ultimately down to the mistakes his own party made twenty years ago.

Meanwhile, back in Daily Mail Land, it'll all be the fault of... well, somebody else. Probably of swarthy complexion.

What worries me is how lots of bits of service industries are going offshore. Notably IT - but alot of banks have middle/back office offshore. And research. Then will be trading and merchant banking. Then the whole lot will be.

Soon there will be nothing left in the UK but chavs.

[BrilloPad]

Sounds reasonable to me... so long as they don't start blaming , I'm ok...

Have you not seen today's Daily Mail headline? go home.......

[sasguru]

Do you have any evidence to back up any of your prejudices?

It's not often that new immigrants become proper eccentrics straight away.
atW is an exception. Can you imagine the boring conversations down his local - ".....had a chance of being a millionaire if it wasn't for the Evil City ...blah blah ....rant rant etc".
The locals probably just nod politely and point to their heads when he's gone.

[DodgyAgent]

The Conservatives effectively shut down most wealth-creating industries such as manufacturing in the 1980s. They argued that an economy based on service industries was more appropriate to "the modern world". The service industry that they relied on the most as a mechanism of wealth creation was the City.

The "New Labour" government has made the mistake of believing the same nonsense as the Tories concerning the viability of relying on financial services as a mechanism of wealth creation. As is now clear, this was just stupid.

The obvious conclusion is that adopting Conservative ideas about how best to ensure the enduring prosperity of the nation is stupid.

David Cameron is probably praying that he doesn't win the next election - he'll face a mess that can't be cleaned up, and the obvious fact that it's ultimately down to the mistakes his own party made twenty years ago.

Meanwhile, back in Daily Mail Land, it'll all be the fault of... well, somebody else. Probably of swarthy complexion.

"wealth draining"

[BrilloPad]

It's not often that new immigrants become proper eccentrics straight away.
atW is an exception. Can you imagine the boring conversations down his local - ".....had a chance of being a millionaire if it wasn't for the Evil City ...blah blah ....rant rant etc".
The locals probably just nod politely and point to their heads when he's gone.

As do the squirrels.....

[Bob Dalek]

What Mandy really meant:
"The scum we let run riot since we came into office have f--ked-up; we'd better try to look as though it's nowt to do with us by castigating them and pretend to introduce cast iron controls. Shut up Britain and go back to sleep, X Factor's on on Saturday, what more do you want?"