Myners and Osborne to the table

In the week that Britain seems destined finally to come out of recession,this morning sees two examples of how not to let it all happen again.

In a robust piece in the Guardian,city minister Lord Myners calls for future interventions in the banking industry to come with many strings attached

If banks are to enjoy even a small hint of implicit underwriting from the state, they should pay for it.

adding that

our task will be incomplete if we cannot address this fundamental inequity at the heart of global capitalism.

Meanwhile in the Times, the shadow Chancellor George Osborne writes that past growth was powered by a splurge in public spending and debt.

in his plan for recovery

1.the new economic model requires government to live within its means.

I'm sympethic to what Osborne is saying but he needs to address the reasons why Labour rightly or wrongly embarked on its method of economic growth.The devestation of the economy after 17 years of Tory rule,the lack of investment and the deregulation of the banks.



2.that the model must be built on saving and private sector investment, not the unsustainable public spending and consumer debt of the past ten years.

3.a new banking system exploring ideas of a banking levy of the kind.