Covservative leader David Cameron blames Gordon Brown’s government for not putting in new rules to avoid bank failures as rescue efforts continue for Bradford & Bingley, Britain’s latest lender to collapse.
Cameron goes on to accuse Brown and his party for failing to realise there was a problem in the British banking system, despite earlier in the year when Northern Rock become the first bank in England in over 100 years to collapse and become nationalised.
Yvette Cooper, a Labour Cabinet minister and chief secretary to the Treasury defended Brown by saying, “The Conservatives are saying we should have brought in new powers. That is exactly what we did in February and March. They simply do not understand the way in which the system is working. They would completely rule out any nationalization. That is irresponsible.”
Cameron is arguing that Brown and Darling are taking far too long to propose legislation geared to give more authority to regulators when overseeing failing banks. Whilst the Conservatives refuse to say whether or not they support the nationalisation of Bradford & Bingley they are concerned about taxpayers footing the bill whenever banks make bad decisions.
Conservative plans for an Office of Budget Responsibilities would aim to make the government more accountable and transparent whilst reporting on whether the Treasury was meeting its debt targets.
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