Anthony Hilton on the the Big Bang

''Don’t take 30 years of liberalisation, beginning under Mrs Thatcher, and say this is what caused the financial crisis... Wrong!’’ The Rt Rev Tony Blair talking to the estimable Charles Moore in the Telegraph 

"Six years ago a celebration was held in the city of London to mark the "Big Bang", Cecil Parkinson’s explosive deregulation of the financial markets. One report of the happy event talks gushingly of “revolution … groundbreaking change … the secluded cabal of privately owned firms that dominated City share dealing was smashed". And that report appeared in the Guardian."  Dan Hodges"a Blairite cuckoo in the Miliband nest" also in the Telegraph

With a large dose of hindsight many other commentators have pronounced that the seeds of the financial crises were sown with the Big Bang without a great deal of explanation. However it does seem that New Labour entered some kind of Faustian pact and are still trying to justify it. It could be argued that they had little choice in electoral terms.

For a brilliant explanation of the Big Bang and it's role in the financial crises and "the State we are in" check out Anthony Hilton as brilliant as ever in the Standard.


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