Oracular oration...

Michael Howard, in a debate on the UK economy this week, has been reminding us (Conservative Home) exactly who were saying what and when! He notes that he himself gave various warnings over various years - some of us know and appreciate this - what I didn't know/remember was that his colleague said the following: Peter Lilley, shadow Chancellor of the Exchequer [Official Report, 11 November 1997; Vol. 300, c. 731-32.]

"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."

"...that 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."

[Official Report, 11 November 1997; Vol. 300, c. 731-32.]