Jump to content
House Price Crash Forum
Sign in to follow this  
Snugglybear

Treasury Unprepared For Financial Crash - Mps

Recommended Posts

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.

Share this post


Link to post
Share on other sites
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.

That is a truly Orwellian Ministry of Truth inspired statement.

And as for this...

"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."

I can just imagine the ministry briefing guidance doc:

When addressing members of the news media about the economy, please make sure you include the following keyphrases: hardworking [one word] people, and long-term [hyphenated] economic plan

Edited by Bear Goggles

Share this post


Link to post
Share on other sites
"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."

Isn't it now so transparently sad how crap the government's spin is? When I hear them (esp. Osborne) mechanically using these phrases, they sound like a 50s ad selling washing powder - rictus grin, fixed stare. Are they not even bothering to try and convince us these days?

Share this post


Link to post
Share on other sites

"Interest rates need to rise immediately."

Looking at the financial news this morning, it seems that IR rises are getting priced in.

Property and land stocks are falling in anticipation of US and UK rate rises.

Cannot happen soon enough - I worry that we are about to spring back from oil deflation like a big rubber band.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   218 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.