Labour stopped the Bank of England from regulating the banks…and spun it to the BBC in a particular way….and the BBC ‘bought it’ lock, stock and barrel apparently…according to a film only shown on Scottish TV as the Telegraph tells us..
Ed Balls boasted of over-ruling the Bank of England as Gordon Brown stripped it of the power to regulate the City, a newly-uncovered film reveals.
The act that some economic experts argue contributed to the financial crisis was captured by a documentary film crew.
Gordon Brown’s economic adviser is seen telling a senior journalist that the Bank strongly objected to the plan to hive off regulation of the finance industry to a new watchdog – but they had no “choice” over the decision.
The then-30 year old is later seen jubilant after the BBC’s John Sergeant gave positive coverage of the move to create the Financial Services Authority, telling Mr Brown: “Sergeant bought the whole bloody lot.”
Mr Balls has admitted that Labour failed to regulate the banking industry strictly enough, but argues a different regulatory structure would have made little difference as the crisis swept the world.
Mr Balls is then seen briefing Robert Chote, then a senior correspondent at the Financial Times. He is now the head of Office for Budget Responsibility, set up in 2010 by Mr Osborne.
Mr Balls tells Mr Chote: “The Bank wanted to have its cake and eat it. But it was made clear to it, many years ago, that if we were to move to independence then this would happen to regulation. They’ve made no secret of the fact they didn’t want it to happen. And they probably would rather it wasn’t. But that wasn’t really the choice.”
After Mr Sergeant repeated Mr Balls’ argument that the regulatory change was “automatically” linked to independence over interest rates on the BBC news that night, Mr Balls tells Mr Brown: “Sergeant bought the whole bloody lot. It was great.”
Sergeant might have ‘bought’ Labour’s spin but we’ve been payng the price ever since. Cheers BBC for not doing your job and challenging Labour’s narrative…as always.
Oops!!!
http://www.telegraph.co.uk/news/politics/labour/11411593/Caught-on-camera-the-day-smoking-Ed-Balls-triumphed-over-the-Bank-of-England.html
Video posted in link.
The MSM have got it.
Nuff said.
Alan – your link and my link seem to be a “variable” in terms of access (not available at times)!!
Big Brother Beeboids??
How could the BBC stop people accessing a link in the Telegraph?
Good question!!!
A Labour politician overriding the Bank of England to later regret? Well I never …
http://www.dailymail.co.uk/news/article-1262683/Brown-defied-Bank-warning-6bn-gold-giveaway.html
Allegedly (!) something to do with his US mates “Fort Knox ” not having enough gold to return the German gold they were supposedly holding!!
http://blogs.telegraph.co.uk/finance/thomaspascoe/100018367/revealed-why-gordon-brown-sold-britains-gold-at-a-knock-down-price/
And:-
http://www.zerohedge.com/article/did-gordon-brown-sell-uks-gold-keep-aig-and-rothschild-solvent-more-disclosures-how-ny-fed-m
No wonder that McBruin is making so much money making “lectures” in the US!!!
Alan, can you explain why changes in UK governance led to a world wide banking crisis?
Is the BBC also to blame for the banking crisis in the U.S. etc.? If so can you cite any evidence to support this view?
Where does it say anything either about the BBC being to blame for a banking crisis in the US or a change in UK governance being responsible for a world wide banking crisis as you call it?
Perhaps you can explain how countries like Australia, Canada, Germany and Poland rode out the storm whilst we sank almost without trace thanks to lax regulation that was based on high risk as Brown boasted….“We were right to build upon our light touch system….fair, proportionate and increasingly risk based”. and government overspending in Gordon Brown’s ” era that history will record as the beginning of a new golden age for the City of London”.
‘What the City had achieved, Mr Brown told an audience of bankers in the run up to the worst financial crisis in history, Labour aspired to replicate for the whole UK economy. In a curious way, that aspiration has actually been met. The bankers have succeeded in busting the wider economy as effectively as their own organisations.’
Perhaps you know better than Brown himself who now admits…“The truth is that, globally and nationally, we should have been regulating them more”
@Albaman.
The US were holding gold belonging to a number of countries.
Germany wanted theirs back.
It wasn’t available for some reason! (Maybe it wasn’t there)
US response – Call McBruin to sell OUR gold at rock bottom by announcing that he was going to dump almost 400 tonnes of gold onto the market one week before the sale, thereby significantly depressing the world price before the sale.
Surprisingly enough!!!!!! This allowed the US to balance the alleged deficit at rock bottom prices.
http://www.zerohedge.com/article/did-gordon-brown-sell-uks-gold-keep-aig-and-rothschild-solvent-more-disclosures-how-ny-fed-m
Albaman
Maybe I can also help answer your inquiry to Alan regarding Labour Government contribution to the 2008 crash and how it affected the world, amplifying the Telegrah link provided:
http://www.telegraph.co.uk/news/politics/labour/11411593/Caught-on-camera-the-day-smoking-Ed-Balls-triumphed-over-the-Bank-of-England.html
As far as the UK is concerned we have our own particular role and blame since London is a premier world financial centre, regulated by the British Government, who are the only authority able to make the rules here, (ensuring it fits with EU compliance).
http://www.positivemoney.org/issues/recessions-crisis/
In 1997, the Conservatives bequeathed Labour a growing economy and impressive projected positive finances, the best ever handed over to an incoming Government in this land EVER.
Labour, in part, got elected somewhat on this promise not to ‘screw it up’ by inputting in their 1997 manifesto to continue these sound Conservative financial policies for the first few years in power.
Once bitten and twice shy, just like today Labour needed to counter the polls showing the electorate fear of a repeat of their economic history. With good reason, since the public has not forgotten when Labour were in power in the 70s, when they handed over to Thatcher such a dire, desperate situation of our nation degraded to the ‘sick man of Europe’, even requesting an IMF bailout like a poor third world African nation, solely due to the horrendous Labour Political and Economic incompetence.
Under Labour, CHANGES TO BANK OF ENGLAND REGULATION and BROWN/BALLS/FSA light touch policy our country contributed greatly to the world 2008 financial crisis. London, the World Financial centre infection tempted so many other nations to take advantage of easy leverage and corrupt dealing under the auspices of the UK Governments ‘light touch’ regulation. This was highlighted in the Telegraph film link above.
International financial transactions were conducted under our rules and they too became infected, suffered or took advantage of LIBOR scandalous rate fixes and FOREX scams for example. Just look at the evidence of infection resulting from the collapse of the Icelandic banks – Kaupthing, Landsbanki and Heritable – and the impact on UK depositors where the UK Treasury decided to freeze the UK assets of Landsbanki held in London when it became apparent they might not pay out to UK depositors.
It is of course accepted that the USA initiated the suicidal scaled up sub-prime, CDOs and other lax and related corrupt banking practices, which London under Labour light regulation followed and duplicated with gusto. It is clear Brown and his Treasury cohorts failed spectacularly in their dereliction of duty to regulate the City of London to our National credibility detriment. This LABOUR induced scandal has shamed the nation.
REMEMBER THIS IMPORTANT POINT WHEN YOU CONTRIBUTE BLAME – Labour were the only ones with the power to regulate, stress test and ensure ‘No more boom or bust’ let these London based banks run riot, impacting most of us through pension funds, bank charges, savings, PPI and derivatives and also allowed the other Nations banks in the City to follow our ‘world class’ London example.
One should never forget it was Brown Balls & Milliband, more than any other MPs who were in the treasury and are most to blame for not regulating and the recession legacy they left.
http://news.bbc.co.uk/1/hi/uk_politics/6240362.stm
The country was basically on the brink of bankruptcy after 13 years of Labour. They certainly ‘did not fix the roof whilst the sun was shining’, borrowing to the hilt even during those financial good times when they should have been building the reserves, (not selling off 400 tons of gold at bargain basement prices) and leaving notes to their successors that there was ‘nothing left’.
I live in hope that most others can see what I can see with the Labour propaganda dished out by the BBC and just pray the Broadcaster Licence review will right an obvious wrong for the future benefit of our nation.
ALABAMAN … I have not finished now you have got me started, ……and why do we also blame the BBC:
One would assume our state broadcaster could easily explain how the worst financial legacy EVER, ever, which was left by Labour for the incoming Coalition in 2010, since the BBC have an army of some of the highest paid economic analysis experts, courtesy of our taxes.
Unfortunately though, the BBC are now so entrenched and infected with their ‘left’ ethos, (backed up by decades of recruitment placements to match), they can no longer penetrate the ‘red mist’ resulting in political obfuscation and biased reporting as a matter of course, including subtly re-writing history in aid of the cause where necessary.
Supposedly without fear or favour reporting, the UKs most popular and historical media reach, into every home has not done their job and given us unbiased truth about the last Labour Governments critical role in the world’s biggest ever economic crisis.
Otherwise, if the Nation was properly informed, by it’s Public Service Broadcaster, as one would expect if it was neutral, Labour would not be showing anywhere near it’s elevated level in the polls.
Even in this critical period in the run-up to the BBC Licence review, where one would think they would try and ‘screw the bobbin’ with more balanced reporting, without fear or favour, the BBC are so addicted with comprehensive ‘left infection’ and complacent ‘metro’ isolation, that they are just no longer able to help themselves anymore in spewing out Labour propaganda!
I am just a mere ex-soldier and small businessman. The 2008 financial crash is all pretty clear to me, with Labours part in the downfall being so obvious and fact based.
https://cyberboris.wordpress.com/2013/08/15/how-ed-and-david-miliband-exploited-a-tax-loophole-described-by-gordon-brown-as-tax-abuse/
Such was the gigantic scale of the Blair and Brown deficit and debt legacy, it would not matter which Government was in power from 2010 onwards, things were again so desperate, (for the second time Labour were in power in my lifetime), austerity and financial prudence was again rapidly needed or we go Zimbabwean.
Predictably, as soon as they got into opposition, Labour got it wrong all over again with ‘TOO FAR – TOO FAST’ advice. They voted against every welfare Bill reform put through. Had we followed Balls, Milliband, McCluskey and the party’s traitorous propaganda we certainly would not now be EU and world leading growth champions, but instead facing a ‘Greek Tragedy’?
Even, now Labour has the brass neck to ‘slag off’ the other parties for wanting to privatise the NHS!
They really think us ‘plebs’ did not notice PFI, for example, which is going to require our children and grandchildren to pay off £300 bn PFI Labour Privatisation – YES £300bn to be repaid – for the NHS over the next generation. This is causing great hardship in the NHS already!
http://www.channel4.com/news/counting-the-cost-of-pfi-in-the-nhs
Add to that their illegal wars, where literally millions lie dead or displaced and importing 4 extra million people into the country, depressing the working mans wage and putting enormous strain on our NHS, Housing, Doctors, Schools, cultural cohesion, turning a blind eye to the likes of Rotherham, Labour’s legacy is criminal, pathetic and shameful!
Charlatans
Excellent post. Too many facts there for Albaman ?
Has Albaman’s reply gone AWOL?
I could have sworn he had a pithy facts based retort to Charlatans’ answer. That it made us all understand how stupid we are to think that Gordon Brown wasn’t the best PM and Chancellor ever, totes, innit?
Or is his silence eloquent enough?
London hosts the largest trading exchanges in the world so I’m presuming that had some effect.
What comes across to me is the sneering attitude.
Ed M looks like a rabbit caught in the headlights, How could he possibly advise that shower.
No wonder this film only saw the light of day once in Scotland
I can’t flag up any particular BBC bias except to remind people that the empty champagne bottles were said to be lining the corridors of broadcasting house on election night.
Strangely that expose by Jayne Garvey on Five Live Drive at about 17.30 on the 10th anniversary of the accession of St Anthony appears to be missing from her Wikipedia profile, but her star seemed to dim after letting ther cat out of the bag.
I was driving home and shouted at the radio as I heard it!
Her words should perhaps be incorporated in the top banner of this website to continually remind us all.
Mallard…. I think you referring to this quote, from Jayne Garvey of 5 Live fame, revealing the evidence of majority of employees at Broadcasting House blatantly showing their Bias at the celebrations of Blair becoming PM:
http://conservativehome.blogs.com/torydiary/2007/05/the_bbcs_champa.html
Quote:
“Ah, well – I had been up for most of the night but I was doing this Five Live breakfast programme with our colleague at the time – it was a bloke called Peter Allen so – I had to get a bit of sleep, and I do remember I walked back into – we were broadcasting then from Broadcasting House in the centre of London – all very upmarket in those days – and the corridors of Broadcasting House were strewn with empty champagne bottles – I will always remember that (Allen laughs) – er – not that the BBC were celebrating in any way shape or form (Allen, laughing – ‘no, no, no, not at all’) – and actually – I think it’s fair to say that in the intervening years the BBC, if it was ever in love with Labour has probably fallen out of love with Labour, or learned to fall back in, or basically just learned to be in the middle somewhere which is how it should be – um – but there was always this suggestion that the BBC was full of pinkoes who couldn’t wait for Labour to get back into power – that may have been the case, who knows ? but as I say I think there’ve been a few problems along the way – wish I hadn’t started this now…”
I believe Iraq was underway by then, so the BBC definitely fell out of love with Tony Blair, having given the Labour government the easiest ride imaginable until then. If they fell out of love with TB I’ve not seen anything to convince me that the champagne was uncorked in 2010, In fact knowing that Labour could not win they successfully bigged up the Lib Dems to put a spoke in a Conservative majority. Until the election the LDs were wonderful, and since the election I think the tone of BBC coverage of them has been rather negative, to put it very mildly!
A quick google search shows another frequent ‘commentor’ on blogs called ‘Albaman’ based in Kirkcaldy, Scotland.
Albumen – you ARE Gordon Brown and I claim my £5.
The invoice for the remainder of the money you stole from my pensions will be arriving shortly.
I would be not the least surprised if it was found that Albaman was indeed the one eyed broon or a nearby bag carrier, his silence is deafening is it bleedin’ not ?
There’s a word missing – The BBC bought the whole bloody lot. WILLINGLY
Nice to see these old movies but I can’t understand why I keep getting the urge to vomit.
Doubtlessly the Lehman affair was a catalyst to the “downturn”
Did the BBC ever use the R word in deference to Gordon?
What is most notable when you compare the “dips” in national performance at the time we fell off a cliff while others dipped.
Hence the snide Labour comments at the time about the U.K. taking much longer than other European countries to get back to pre-recession GDP
(To Albman)
It all started in London. AIG taking advantage of lax banking regulation, enacted by Brown, Miliband and Balls decamped to London out of sight of the US regulator. The rest is history
http://www.telegraph.co.uk/finance/financialcrisis/3225213/AIG-trail-leads-to-London-casino.html