The FT isn’t impressed with the Tories
Under the Tory plans, however, an unchecked and unchallenged Bank may fall into groupthink about financial stability – as it did during the decade before the crisis. The Conservatives propose recruiting a handful of outsiders to sit on a financial policy committee to inject intellectual competition into the monetary authority. But it is unrealistic to expect these few people to spot and counter biases across the Bank’s domain.
All in all – and taking into account the disruption they will cause – these plans are unwise.
Meanwhile, on the comment pages of today’s edition Philip Stevens turns back to Cameron’s speech of last week on Quangos.
Mr Cameron’s mistake was to single out Ofcom as a candidate for radical surgery. The communications regulator no doubt could tighten its belt. But it so happens that Ofcom does a vital job rather well.
Unless Mr Cameron tears up the rules of independent regulation – or breaks up the organisation into the several quangos from which it was originally created – Ofcom will indeed survive in something much like its present form. It is curious that someone who once worked in broadcasting could miss this point.
As has been said before in this column, Britain has a governing party brought down by the hubris and exhaustion that come with being too long in office. What the country lacks is a credible government-in-waiting seriously preparing itself for the day when it expects to be making the decisions.
As one of the regulars in the comments section of this blog, Will M, has been arguing for a while, what is really terrifying about the Tories at the moment is not that they are ‘do nothing party’ but they are a ‘do the wrong thing party’. Whenever we get a concrete policy announcement it invariably suggests doing the wrong thing.