Brown's spend, spend, spend during his Chancellor's days has brought us into the current economy we are facing today. His appeal at a Downing Street meeting for the lenders to pass on cuts appeared to fall on deaf ears with HBOS, which owns the Halifax, increasing its rate on some mortgages from 6.09 to 6.59 per cent. Borrowers taking out this type of deal will now pay 46 more a month. On a two-year tracker, the rate will increase from 1.49 points above base rate to 1.99 points, giving a current rate of 6.99 per cent.

Other lenders are expected to follow Halifaxs lead.

If the Government wants the banks to lower mortgage rates to home owners - why not just offer them through Northern Rock? Everyone would rush to the Rock to get the loans forcing banks to match the rates or lose the business? Or maybe the government would then run into bigger credit crunch?

When will Gordon declare a "state of emergency" so that he can avoid having an election and his ultimate cumuppance at the hands of the electorate.

2010

Obama will call one soon.

KC and the sunshine VC would be a popularist duo . . .
+I find our current MP's are more worried about re-election than moving UK forwards.

and ONE THURSDAY VOTING IN THE LAW PUTTING THEM ALL ABOVE THE LAW////////////////

and ONE THURSDAY VOTING IN THE LAW PUTTING THEM ALL ABOVE THE LAW////////////////

I don't suppose there's any chance of subtitles?

Is the Tory party going role out Maggie.

That would be a real vote winner.

But even gaga she is better than the present Tory front bench.

ON THURSDAY VOTING ON A BILL TO put them above the law of discloseure/ regarding thier pay benifits etc etc

You been on the sauce again Fred?

Mr G Brown strikes again.

Northern Rock employees are to get a 10% performance bonus on Friday.

Cho, no left it all for you. You probably need it more than I do!

Bristles, I thought that it was ludicrous that MP expenses should not be disclosed.

I didn't realise the complications of disclosures may make to the individuals concerned and the increase in cost of security to give necessary protection.

I think there would be a sense in having and independant audit carry out in private with tight rules and publication of transgressions.

hi fred//but its not only MP s ITS ALSO PEERS /expenses etc

http://cgi.ebay.co.uk/911-DVD-FINDING-THE-TRUTH-BY-ANDREW-JOHNSON-MUST-SEE_W0QQitemZ230319976434QQcmdZViewItemQQptZUK_CDsDVDs_DVDs_DVDs_GL?hash=item230319976434&_trksid=p3286.c0.m14&_trkparms=72%3A1301%7C66%3A2%7C65%3A12%7C39%3A1%7C240%3A1318

Maybe there are similar problems.

I prefer to have an open book on all Income, expenses and payments, which are made to, or by those paid by the state.

Not only the State's payment, but also payments or earnings, from other bodies or individuals, to those in the State's employment.

However, I do wonder if the peripheral costs make the ideal situation cost beneficial, but it may reduce abuses and future corruption.

It might help with the unemployment figures!

Ah Fred - it isn't a problem, but your post 427 (as indeed many others) doesn't make any more sense after three glasses than it did after one.

And now I've run out of glasses :)

I'm nor surprised more people are leaving the UK I myself think Poland would be a good choice.

Choc, Try getting somebody to help you read it and then explain it to you. The words aren't to long. Even for you!

'And now I've run out of glasses'

excellent!

FSA head: Gordon Brown helped fuel banking crisis


Gordon Brown helped fuel Britains banking crisis by pressuring the City regulator not to intervene and stop reckless lending, Lord Turner, the head of the Financial Services Authority, said.

The authoritys chairman claimed the regulator was under political pressure not to be heavy and intrusive with banks such as HBOS and Northern Rock.

Instead, it was told to operate a light touch approach, which had now been proved to be mistaken, he told a Commons committee.

The failure of the regulator to intervene earlier has been blamed for the banking crisis, which has led to the near-collapse of several of the countrys biggest banks.

Last night, it emerged that RBSs former chief executive Sir Fred Goodwin picked up an 8m pension top-up after being sacked by the lender for leading it to a 28bn loss, the largest in UK corporate history, and a taxpayer rescue last year.

The payment was made despite the bank and Sir Freds insistence that he received no compensation for loss of office. It means he is already drawing a pension of 650,000 a year at the age of 50.

Lord Turners remarks, made to MPs, are deeply embarrassing for the Prime Minister, who oversaw the FSA while he was Chancellor.

Mr Brown has repeatedly been accused by political opponents of failing to take responsibility for his role in the banking scandal. The latest allegations came as the Treasury prepared to unveil details of another bail-out package to rescue ailing banks.

However, it is to insure up to 600 billion of toxic assets held by two of Britains biggest banks.

The first stage, to be announced today, will be a deal to help the Royal Bank of Scotland (RBS).

It will see taxpayers underwriting more than 250billion worth of the banks debts for up to a decade, just as it announces the biggest corporate loss in British history of up to 28billion.

Appearing before the Treasury select committee yesterday, Lord Turner told MPs: All the pressure on the FSA was not to say why arent you looking at these business models, but why are you being so heavy and intrusive, cant you make your regulation a bit more light touch?

We were supervising people like HBOS within a particular philosophy of the way you do regulation, which I think in retrospect was wrong.

It was not the function of the regulator to cast questions over overall business strategy of the institutions - you may find that surprising.

He added: I think (the FSAs actions were) a competent execution of a style of regulation and a philosophy in regulation which was, in retrospect, mistaken.

John McFall, the chairman of the committee, said the remarks had raised serious questions about the FSAs independence.

Mr Brown and Ed Balls, previously his key adviser, had regularly boasted of the benefits of so-called light touch regulation.

The Prime Minister has also faced accusations that he became too close to senior bankers such as Sir Fred.