I won’t hold my breath

Posted on

From Polly Toynbee's column this morning:

Alas, [Gordon Brown's] committee of advisers consists of the City people who got us into this: the takers of the fattest pay, the sitters on each others' boards. Paul Myners, late of the Guardian, will be no radical steam cleaner as City minister, more of a feather duster. Brown needs a severe committee of those economists who were right when he was wrong - people to frighten the City, not to soothe its frightened feathers. Appoint the Richard Murphys, Will Huttons and Larry Elliotts not as City tsars but as City Savonarolas to flush out tax avoidance and evasion, to close down tax havens, to appoint honest non-executives to company boardrooms and institute a regime built on public trust. Corporate social responsibility will always be a sham for as long as share price is companies' only measure of success.

Leave me out of it when reading this. Then read it again. Polly's right: this is what is needed. Politically this is what I think the public will demand as the price for bailing the City out.

But will Labour deliver?

Will anyone deliver?

If the don't two things will happen: first the money injected now will be lost. Second, things will carry on as before. It's not a pretty prospect, but I won't hold my breath. I am not sure things will change. But I can hope.