The FT notes:
Alistair Darling has decided to concede for the first time that the government will not recoup the full costs of its banking interventions and that the bill could be as high as £60bn.
Let’s put this in context: that’s enough to relieve child poverty in the UK for 15 years.
And it has been wasted. No Glass Steagall Act.
No People’s bank.
No separation of the payment system from banking so we do not have to bail them out again to make sure that money can flow.
No control of bonuses.
Not even an end to securitisation.
Or tax haven abuse.
That’s the most expensive wasted opportunity ever.
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“That’s the most expensive wasted opportunity ever.”
And also the most apt summary of New Labour’s lasting legacy and gift to future generations.
It sums up everything that went wrong from 1994 onwards, as well as being a fitting conclusion to their time in power.
The harmony would be beautiful, if it weren’t all so bloody tragic.