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  DT - I will not get into the Mrs T discussion but I do believe and can evidence that you are exaggerating the North Sea Oil impact, though of course it did help.
  
  I do know someone who was a bank Chief Executive before the change in regulation. He is not someone tainted by the malpractice that went on by the way. He told me about how he had to go to the Bank of England with his top team to get grilled every 3 months on every aspect of the banks operations. That ended and allowed the banks free reign under Brown's reforms, my friend was horrified by the changes at the time. If still left under the old regulatory system it is very unlikely that the excesses would have happened and our banks, like the Spanish ones and others would not be in the vulnerable position they are.
  
  Also it is worth pointing out the error over the BofE's interest rate brief which ignored the levels of public debt in setting rates, referring only to inflation. If that brief included debt then interest rates would not have been so low for so long feeding the housing bubble.
  
  The other errors basically compounded the mistakes.
  
  I do not see that as just party rhetoric, it is simply a reference to what was done and the logical consequences.
  
  On the Party political side, Mrs T and John Major always resisted toying with the banking regulation very wisely.

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