Posts Tagged ‘John Kay’

The debate on Osborne’s Autumn statement will, once again, ignore what really matters

04/12/2012, 07:00:37 AM

by Jonathan Todd

Is the national scandal David Cameron’s lack of inclination to implement Leveson or his failure to facilitate a similarly forensic investigation and debate on the culture, practices and ethics of the financial sector?

The central reality of Britain in 2012 is that our national wealth remains more than 3 percent below its pre-crisis peak. The Autumn statement should tell us precisely how far George Osborne’s debt and deficit targets are off track. But the core truth is obvious: our anaemic growth makes it ever harder for us to sustain the public services and quality of life we would like.

We have not been through a deeper and longer growth contraction than the notoriously grim 1930s because of Rupert Murdoch. Labour rightly insists that if Leveson is implemented then the indignities and injustices of the press will be reduced. But we have little to offer in terms of policies that will provide comparable certainty that the financial crisis of 2008 will either not happen again or not precipitate such a deleterious effect upon the wider economy if it does.

Labour has made much of Cameron’s reluctance to provide a statutory underpinning to press regulation but the call made by Michael Jacobs and Tony Wright for a judicial inquiry into the financial crash on the lines of Leveson went unheeded. Instead we had the Vickers Report, which Osborne managed to get away with partially implementing, in spite of Sir John’s insistence throughout that his recommendations will only work as a complete package.


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