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From the Beeb http://www.bbc.co.uk/news/business-31794731 Much flannel from the Treasury. "The Treasury has not learned lessons from the 2007-08 financial crash, a Parliamentary report has said. As a result, the UK could be exposed to more economic shocks, whether from another eurozone crisis or a global downturn, the Public Administration Select Committee has concluded. Financial risk is not given the same importance as non-financial risks, such as pandemic flu, the committee found. But the Treasury said the committee had "entirely missed the point". The fact that economic risks are not included in the government's National Risk Register, and regulatory functions are divided between the Bank of England, the Financial Conduct Authority and the Treasury, means assessing the risk of "systemic financial collapse" is not "comprehensive", it said. A Treasury spokesman responded: "It is unfortunate that the Public Administration Select Committee's report takes no account of the relevant facts. "By focusing on Whitehall procedures they have entirely missed the point: the lessons of the financial crisis have been learned and acted upon‎ by putting in place a reformed regulatory system, ring-fencing the banks, ending the 'too big to fail' problem, and dealing with the risks posed to the economy by an unsustainable deficit. "Taking the action needed to protect hardworking people from the effects of future financial shocks is at the heart of our long-term economic plan." Pesto's take on the BBC page, actual report at link.