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Is Alistair Darling protecting Gordon Brown's back?

Last week's White Paper from Alistair Darling regarding the future regulation of the UK financial system has received something of a lukewarm welcome from the financial industry amid signs that the government is loath to go back and amend some of Gordon Brown's "mistakes". While the headlines suggest there will be a significant increase in the regulatory straitjacket for the financial system, on the ground many believe there are serious holes in the government White Paper which can be exploited by many.

The government seems adamant that blame for the boom and bust scenario we see at the moment can be laid fairly and squarely at the doors of the UK financial system and the UK consumer. When you consider that Gordon Brown was in control of the UK economy for the vast majority of the last decade, when debt appeared to get out of control, perhaps the blame for the current situation lies elsewhere?

For some reason the Bank of England, which was given its independence by the Labour Party, appears to be in the firing line of Gordon Brown and Alistair Darling, perhaps because it is not a "yes man". Many had hoped for a more hands-off approach from the UK government and the UK Treasury inparticular, with regards to the regulation of the UK market, but the very opposite seems to be planned.

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