Anyway, I was delighted to see Michael Howard quoting Peter Lilley when he was Shadow Chancellor back in 1997...
With the removal of banking control to the Financial Services Authority...it is difficult to see how and whether the Bank remains, as it surely must, responsible for ensuring the liquidity of the banking system and preventing systemic collapse.
The coverage of the FSA will be huge; its objectives will be many, and potentially in conflict with one another. The range of its activities will be so diverse that no one person in it will understand them all.
The Government may, almost casually, have bitten off more than they can chew. The process of setting up the FSA may cause regulators to take their eye off the ball, while spivs and crooks have a field day.
So where were you in 1997, Vince? Come on, tell us.
Hattip Conservative Home
UPDATE: The Hansard Reference for Peter Lilley's 1997 speech is HERE.