In his speech this morning, David Cameron said:
...what we need is responsible free enterprise, regulated and supported by responsible government....(Brown) stood aside as our households racked up over a trillion pounds of personal debt.
So when the boom did turn to bust and the value of assets fell our financial system was hit harder than most.
The Government couldn’t complain about financial institutions lending too much money because the Government itself was borrowing too much from them.
Added to this was a regulatory mistake that I believe history will judge as one of the most irresponsible.
Rather than trying to restrain lending, in 1997 the Government removed the Bank of England’s historic ability to ensure that banking credit was kept within responsible limits.And the failure to regulate public and private debt in Britain was a British failure.
It was a failure Gordon Brown was warned about time and again.
Oh. Brown was warned about this "time and again" was he? So as you are so clever, Mr Cameron, you will no doubt be able to point us in the direction of instances when you warned about this "failure to regulate" won't you?
So when did you warn about this, Clever Cammysticks?
Was it in your 2006 annual conference speech? Oh no! Whoops! You actually said: "We need to...Deregulate our employers and wealth-creators"
Was it in your 2005 annual conference speech? Oh no! Whoops! You actually said: "Everyone knows that business need deregulation to compete with China and India. Who is standing in the way? The great regulator and controller, Gordon Brown."
So, in 2005, Cameron was saying that Brown was regulating too much - "The great regulator" he called him - and now he is saying that he (Brown) hasn't been regulating enough for the last ten years, and that Brown was warned about this. Well, if some were warning him, it certainly wasn't you, David Cameron, and indeed - quite the opposite - you were telling him to deregulate!