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Between Whitehall and the City there is a revolving door of co-dependency An excellent article from Simon Jenkins. In the UK there is a revolving door between politics and banks. Socialism for the bankers (state hand-outs and soft touch regulation) and capitalism for the rest of us. Much attention has since focused on the inadequacy of regulation. Sputtering reforms have tried to curb the more outrageous tax dodges, offshore shelters and “London laundromats”. But money has talked: money from Russia, the Gulf, the far east, from anywhere. No one asks why serious regulation never bites. The answer is that between the City and Westminster there is a revolving door of co-dependency. As we scroll back through the past 20 years, we see a procession of Treasury permanent secretaries passing
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Between Whitehall and the City there is a revolving door of co-dependency An excellent article from Simon Jenkins. In the UK there is a revolving door between politics and banks. Socialism for the bankers (state hand-outs and soft touch regulation) and capitalism for the rest of us. Much attention has since focused on the inadequacy of regulation. Sputtering reforms have tried to curb the more outrageous tax dodges, offshore shelters and “London laundromats”. But money has talked: money from Russia, the Gulf, the far east, from anywhere. No one asks why serious regulation never bites. The answer is that between the City and Westminster there is a revolving door of co-dependency. As we scroll back through the past 20 years, we see a procession of Treasury permanent secretaries passing
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Mike Norman considers the following as important:
This could be interesting, too:
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Between Whitehall and the City there is a revolving door of co-dependency
An excellent article from Simon Jenkins. In the UK there is a revolving door between politics and banks. Socialism for the bankers (state hand-outs and soft touch regulation) and capitalism for the rest of us.
Much attention has since focused on the inadequacy of regulation. Sputtering reforms have tried to curb the more outrageous tax dodges, offshore shelters and “London laundromats”. But money has talked: money from Russia, the Gulf, the far east, from anywhere. No one asks why serious regulation never bites.
The answer is that between the City and Westminster there is a revolving door of co-dependency. As we scroll back through the past 20 years, we see a procession of Treasury permanent secretaries passing from Whitehall to commanding heights in the City. Lord Burns goes to chair Santander, Sir Peter Middleton to chair Barclays, Lord Macpherson to chair Hoares. All are of impeccable rectitude. But it is not the actual jobs that matter, rather the knowledge at the back of every Whitehall and Westminster mind that a mile up the road lies a warm refuge in troubled times. Look after the banks and they will look after you. Whitehall grandees do not join the boards of Shelter, Action on Poverty or the RSPB.
The answer is that between the City and Westminster there is a revolving door of co-dependency. As we scroll back through the past 20 years, we see a procession of Treasury permanent secretaries passing from Whitehall to commanding heights in the City. Lord Burns goes to chair Santander, Sir Peter Middleton to chair Barclays, Lord Macpherson to chair Hoares. All are of impeccable rectitude. But it is not the actual jobs that matter, rather the knowledge at the back of every Whitehall and Westminster mind that a mile up the road lies a warm refuge in troubled times. Look after the banks and they will look after you. Whitehall grandees do not join the boards of Shelter, Action on Poverty or the RSPB.