Once again, hypocritical, deregulation-loving Osborne attacks Labour over bank regulation

George Osborne again sought to lay the blame for the banking scandal at Labour's door today for lack of regulation - yet he had called for more deregulation.

“Man walks into a bank...”

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George Osborne again sought to lay the blame for the banking scandal at Labour’s door today for the party’s lack of regulation when in government – the same George Osborne who repeatedly called for Labour to deregulate further.

George-OsborneThe chancellor told this morning’s Today Programme:

“I think it’s a very, very different era from a few years ago, I don’t think, actually, the Bob Diamonds of this world would have resigned four or five years ago, so, the world has moved on, the culture has changed, and the government has been part of changing that culture, but frankly, it has been driven by an overwhelming anger amongst the British people at this age of irresponsibility, irresponsibility in the banks and frankly a complete failure to regulate those banks that led to the crisis.”

Here’s a reminder of what the then shadow chancellor and his colleagues said whan Labour was in power, and, indeed, failing to regulate properly:

“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.”

George Osborne, 2006

“In an age of greater choice, he offers more overbearing control; in an age of greater freedom, he gives us more interference…

“In short, in an age that demands a light touch, he [Gordon Brown] offers that clunking fist.”

George Osborne, 2006

I want to give you [The City] lower taxes and less regulation.

David Cameron, 2006

Light-touch… regulation is in the interests of the sector globally and the government need to send that message more strongly.

Mark Hoban, 2006


See also:

Arrogant Osborne still refusing full banking inquiry – even as Diamond resigns 3 Jul 2012

Miliband redirects Barclays rage to Cameron over PM’s inaction 30 Jun 2012

After the Barclays Libor scandal, how long must we wait for a public inquiry? 29 Jun 2012

George “regulation was too burdensome” Osborne attacks Labour for being too lax 28 Jun 2012

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


George Osborne: The man with the memory of a goldfish.


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  • Selohesra

    And Labour in opposition are never hypocritical – come on its what all polititicians do. Just bececause Osborne is bit of a hypocrit does not absolve Balls/Brown of their irresponsibility.

  • http://www.facebook.com/people/Stephen-Wigmore/61311392 Stephen Wigmore

    But . . . . he’s right. It was Labour’s regulation that totally failed us. It was Labour tri-partite whatever that failed to regulate the banks, failed to regulate the explosion of debt, and ran a deficit even in a boom. Labour’s entire economic, monetary and regulatory policy from 1999-2008 failed and failed massively. Ed Miliband and Ed Balls should resign in shame and let someone not tarnished by the economic disaster of the last government take over the Opposition.

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  • JC

    Play the ball, not the man. You’re going to run out of abusive comments you can make about Osborne soon.

    If it’s all so wrong, we must address exactly what happened, who knew about it, when it happened and whose responsibility it was to stop it. There’s no point screaming about the current Chancellor if a previous one was to blame. If you read Guido, there’s more interesting stuff surfacing today, and when Bob Diamond gives his evidence, we should be nearer the full picture.

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  • Anonymous

    Denial, etc.

    And of course you want to be able to control what other political parties do.

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  • Selohesra

    Not control what other parties do but they should be held accountable for their actions when in power

  • Anonymous

    If you call for even LESS regulation then that can and
    should mean something as well. Quit pretending the Tories would have been better on this.

    (Unless you mean making it illegal to lose power, on which case…sigh)

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  • Selohesra

    I have never said they would have done better – indeed I’d freely admit they are being a bit hypocritical but that does not stop the fact that Balls/Brown were the ones in charge at the time and deserve to get the flak. Imagine if it were the other way round – we’d never hear the end of the Tories involvement from Labour/BBC/Gaurdian

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  • Anonymous

    Sure, and it’d be whining then too.

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  • Blarg1987

    In that case we would also have to blame people in Thatchers premiership who started the whole deregulation of the city in the first place and hold them to account.
    Yes I agree Balls and Brown are partially responsible but so are the Conservatives, if they said at the time their needs to be more regulation as we are concerned about the impact of the city then there may have been a change or if not at least the Conservatives would have gained more respect now then they currently have.

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