Yesterday the Bank of England laid bare what an economic omnishambles Britain is in.

When blame is apportioned we have to take our fair share. We didn’t do enough to regulate a financial sector that was obviously out of control, we chucked bad money after good into wasteful schemes like Private Finance Initiative. We didn’t do enough redistribute wealth and raise wages and our cardinal sin was to trust the market both to regulate itself and redistribute wealth sufficiently, we allowed the state to subsidise poverty pay through the welfare system. Continue reading →