Even then, they’ve spun the story to put the blame on Bank of England. Whereas the Bank of England, by demanding an indemnity against potential losses, was merely protecting itself from the Treasury’s insanity.
I am angry all over again about this. Angry that it has taken until now for the mainstream media to notice this ghastly blunder. Angry that even then they mess up the story by painting Bank of England as the villain, rather than the Treasury. (Although, Lord knows, Threadneedle Street is a target-rich area.)
Mostly, though, I’m outraged that the fools - the incompetent, arrogant fools - at the Treasury are not being held to account. With a blunder this big, so consequential and above all, so predictable and avoidable, the entire institution that wandered blindly into the trap, is discredited. If it can screw up with such blithe grandiosity and yet still be entrusted with the nation’s finances, we know for absolute certain that the fundamental principles of democratic accountability do not apply.
Let’s be clear: the result of a mistake so vast it will shadow the public finances for a decade and more should be the break-up of the Treasury as a single unit, together with a wholesale removal from responsibility of the fools who dreamed up the mistake and those who allowed it to go ahead.
£200bn is a lot of money. Currently, a year’s net public sector borrowing amounts to only £129bn; a year’s current government receipts come to £929bn. That’s the context in which to place that £200bn smoking ruin of a financial policy.
I want those responsible named. I want them out of office. I want their honours revoked, and I want to see them sweating under the TV lights as they give groveling apologies to the people of this country who’s future they have mortgaged.
I don't, but somebody does. We probably need to find a friendly MP to put the question in parliament. I can't think that an FOI would winkle out the result. Does anyone out there know of a friendly MP who might be prepared to ask the question?
Michael do we know the names of the civil servants who were the handmaidens of the disastrous policy?
I don't, but somebody does. We probably need to find a friendly MP to put the question in parliament. I can't think that an FOI would winkle out the result. Does anyone out there know of a friendly MP who might be prepared to ask the question?
And Dominic Raab wanted senior civil servants to show up to meetings having read the briefing notes beforehand. Didn't do him much good.
I’m assuming you’re not the former MP Tom Watson?
Mercifully not! A digital hermit whose an
...onymity is protected by (among other things) sharing his name with a once-prominent MP. And a once-prominent golfer.