I want to make clear I am not just talking about some recent failing here: the succession of firms that KPMG seem to have audited that have gone to the wall after their audit reports have been issued; the disaster of Carillion, and the dismal failure of the Financial Reporting Council to show any initiative at all in the face of such issues arising are not what has created a crisis. Important as all these things are I suggest to you that they are symptomatic of a much greater malaise that is what really needs to be addressed.
The greater issue is one that I suggest that anyone who has interest in saving the market economy should rally to support. That issue is that without data; without is verification; and without trust that the data supplied is both useful and reliable, then markets as we know them will cease to exist.
What do I mean by that? I suggest that:
People will stop saving – at least in shares;
But isn’t he running a campaign to stop people saving in shares?