Having taken the economy and flattening it with a lump hammer, George Osborne has now unveiled his plans for regulating the Finance sector. Roundly criticising Labour's efforts that divided power between three bodies, the Bank of England, The Treasury and the FSA, as "incoherent" and "without clear lines of accountability," he has decided to divide it between four, the Chancellor of the Exchequer, a Financial Policy Committee and a Prudential Regulation Authority within the bank of England and a Financial Conduct Authority. This, Osborne tells us, will mean that there will be "no ambiguity as to who is in charge." Really? There was no ambiguity the last time around either - it was the FSA, the Bank of England and the Treasury who between them did absolutely nothing. Replacing three nodding dogs with four probably staffed by the same collection of placemen and complacent free-marketeers is hardly radical. More jobs for the boys.
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