The Bank of England needs to beef up its role in supervising banks in trouble to prevent another Northern Rock-style crisis, a powerful committee of MPs recommended yesterday. A report from the Commons treasury select committee suggested a new crack team of supervisors should be based at the BoE to take charge when any bank or building society is found to be in financial difficulty.
In other words, bankers should regulate banks. Precisely the opposite of the structure that Gordon Brwon set up. Ooopsie!