Did I really say that or was it the other Gordon Brown Friday, September 19, 2008
Image via WikipediaGordon Brown is on the case with Global Financial Meltdown, promising to sort it all out with proposals to his global counterparts. He will undoubtedly be tough on instability, and tough on the causes of instability.
However, he was the minister responsible for financial regulation in the UK for the last 10 years prior to becoming Prime Minister. Hence he has a clear line of accountability for any failings in the regulatory environment that may have contributed to present issues.
Just in case anyone worries that he might change his tune, several newspapers have helpfully reprinted some of his past Parliamentary comments
“The FSA have been regulating for solvency and done a good job” (Hansard, 26 March 2008)
“We are better protected than other countries from financial turbulence” (Financial Times, 26 March 2008)
A spokesman insisted that Mr Brown believed the FSA was “a world class regulator” (Telegraph, 7 June 2005)
“The financial services authority is responsible for regulating hedge fund managers in the UK and has put in place a rigorous regulatory framework to mitigate the risks associated with hedge fund activity.” (Hansard, 8 May 2007)
“I am confident that the simpler system we are proposing will reduce compliance costs, and increase public confidence in the regulatory regime… The UK financial services industry needs a regulator which can deliver the most effective supervision in the world. You cannot ensure the success of British financial services in the 21st century without modernising arrangements for the protection of investors. My reforms are essential to ensure the future confidence of investors large and small, and the future success of the increasingly integrated financial services industry on which so many British jobs rely… The current system of self-regulation will be replaced by a new and fully statutory system, which will put the public interest first, and increase public confidence in the system.” (Hansard, 20 May 1997)
That must have been the other Gordon Brown then.