George “regulation was too burdensome” Osborne attacks Labour for being too lax

The chancellor today blamed Labour for lax regulation of the banks, yet accused them in 2006 of being too tough on regulation.

Osborne: Closing his eyes and hoping for the best?

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George Osborne today blamed the previous government for the lack of banking regulation that led to the Barclays scandal. However, he was attacking the Labour Party for quite the opposite back in 2006 when he accused them of enforcing “too much regulation”.

george-osborne-eyes-closedWriting for the Telegraph in June 2006, the chancellor said:

“I fear that much of this regulation has been burdensome, complex and makes cross-border market penetration more difficult.

“This is exactly the wrong direction in which Europe should be heading and it threatens the global competitiveness of the City of London.”

Today, Osborne had a change of heart and now feels the last government’s regulation system was not strict enough.

The Guardian reports:

[Osborne] said the Barclays scandal exposed the weakness of the tripartite regulatory regime set up by Labour. [He said] the worst abuses happened when Labour was in power, and before the financial crisis. He said the new regulatory regime being introduced by the government would be “far tougher” than the tripartite system it will replace.

He told Parliament:

“Through 2005, 2006, and early 2007, we see evidence of systematic greed at the expense of financial integrity and stability. They knew what they were doing wrong.

Yet no one at Barclays prevents them. And no one in the tripartite regulatory system knows anything about it. The Government of the day was literally clueless about what was going on.

This government is getting rid of the whole tripartite system. The Financial Services Bill now before Parliament will create a new, far tougher regulatory system.”

 


See also:

Krugman: Government deficits are a consequence of the crisis, not a cause. 28 Jun 2012

Miliband: Time for prosecutions, proper regulation and an end to the “casino culture” 28 Jun 2012

Bankers should realise their risk to us – not the other way around 30 Apr 2012

The warnings about Barclays’s tax-dodging greed were there in 2008 28 Feb 2012


 

Osborne isn’t the only culprit in this story, as the prime minister also confessed his distaste for Labour’s “excessive bureaucratic interventionism”:

As a free-marketeer by conviction, it will not surprise you to hear me say that a significant part of Labour’s economic failure has been the excessive bureaucratic interventionism of the past decade too much tax, too much regulation, too little understanding of what our businesses need to compete in the modern world.”

Labour hardly wrapped itself in glory with its approach to the City before the financial crisis, but Osborne should know those in glass houses shouldn’t thrown stones.

 


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81 Responses to “George “regulation was too burdensome” Osborne attacks Labour for being too lax”

  1. Peter Savage

    Osborne is so disingenuous on bank regulation and said there was "too much" in 2006: http://t.co/zPiJcaZD

  2. Katie Stanton

    Front of @Guardian: Cam to blame Lab for lax bank regulation…. But he said reg was "too tough" when in opposition: http://t.co/Dgy0cHkf

  3. beverleydodds

    Osborne is so disingenuous on bank regulation and said there was "too much" in 2006: http://t.co/zPiJcaZD

  4. Ostercy

    You know that nice Chancellor blokey, Mr Osborne, who's always argued for tighter regulation on banks? No? Me neither. http://t.co/968QQloy

  5. Katie Stanton

    You know that nice Chancellor blokey, Mr Osborne, who's always argued for tighter regulation on banks? No? Me neither. http://t.co/968QQloy

  6. Ostercy

    Front of @Guardian: Cam to blame Lab for lax bank regulation…. But he said reg was "too tough" when in opposition: http://t.co/Dgy0cHkf

  7. Paul Duxbury

    You know that nice Chancellor blokey, Mr Osborne, who's always argued for tighter regulation on banks? No? Me neither. http://t.co/968QQloy

  8. HeyHo ~ Len

    You know that nice Chancellor blokey, Mr Osborne, who's always argued for tighter regulation on banks? No? Me neither. http://t.co/968QQloy

  9. HeyHo ~ Len

    Osborne is so disingenuous on bank regulation and said there was "too much" in 2006: http://t.co/zPiJcaZD

  10. meme

    You know that nice Chancellor blokey, Mr Osborne, who's always argued for tighter regulation on banks? No? Me neither. http://t.co/968QQloy

  11. Christopher Mahon

    Osborne is so disingenuous on bank regulation and said there was "too much" in 2006: http://t.co/zPiJcaZD

  12. Sean Longcroft

    Osborne blames Labour for the banking scandal. Presumably from what he said at the time, he thinks it should be worse. http://t.co/Ndvw7iEB

  13. Sandy

    You know that nice Chancellor blokey, Mr Osborne, who's always argued for tighter regulation on banks? No? Me neither. http://t.co/968QQloy

  14. Once again, hypocrital, deregulation-loving Osborne attacks Labour over bank regulation | Left Foot Forward

    […] George “regulation was too burdensome” Osborne attacks Labour for being too lax 28 Jun […]

  15. Juli

    Osborne: “I fear that much of this regulation has been burdensome" @leftfootfwd: http://t.co/uvmhXl7I

  16. Juli

    Osborne is so disingenuous on bank regulation and said there was "too much" in 2006: http://t.co/zPiJcaZD

  17. Sharon Avraham

    @TheJamesMax RT @leftfootfwd: Osborne attacks Labour for being too lax http://t.co/cskVB5aN Breathtaking hypocrisy under Tory-led watch.

  18. Michael Fogg

    You know that nice Chancellor blokey, Mr Osborne, who's always argued for tighter regulation on banks? No? Me neither. http://t.co/968QQloy

  19. Murray Christison

    Osborne is so disingenuous on bank regulation and said there was "too much" in 2006: http://t.co/zPiJcaZD

  20. David Soward

    Osborne is so disingenuous on bank regulation and said there was "too much" in 2006: http://t.co/zPiJcaZD

  21. fljf

    Osborne is so disingenuous on bank regulation and said there was "too much" in 2006: http://t.co/zPiJcaZD

  22. Katie Stanton

    Here's our story on how the Tories have changed their tune on regulation since being in opposition: http://t.co/Dgy0cHkf #PMQs

  23. Daniel Elton

    Here's our story on how the Tories have changed their tune on regulation since being in opposition: http://t.co/Dgy0cHkf #PMQs

  24. Paul Krishnamurty

    Here's our story on how the Tories have changed their tune on regulation since being in opposition: http://t.co/EOC2oOkt #PMQs

  25. Pete Brown

    Here's our story on how the Tories have changed their tune on regulation since being in opposition: http://t.co/EOC2oOkt #PMQs

  26. Paul Trembath

    Here's our story on how the Tories have changed their tune on regulation since being in opposition: http://t.co/EOC2oOkt #PMQs

  27. fljf

    Here's our story on how the Tories have changed their tune on regulation since being in opposition: http://t.co/EOC2oOkt #PMQs

  28. Ed Hart

    Here's our story on how the Tories have changed their tune on regulation since being in opposition: http://t.co/EOC2oOkt #PMQs

  29. Lance Dyer

    George said 'regulation was too burdensome' in 2006; Osborne attacks Labour for being too lax http://t.co/me441Ut0

  30. Paul Burgin

    Osborne is so disingenuous on bank regulation and said there was "too much" in 2006: http://t.co/zPiJcaZD

  31. Victor R. Smith

    Osborne is so disingenuous on bank regulation and said there was "too much" in 2006: http://t.co/zPiJcaZD

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