Why proper regulation and enforcement is vital across industry - Yorkshire Post Letters

Andy Brown (January 8) rightly highlighted the negative results of some of the policies of Margaret Thatcher. At the time, she did things which needed doing, but also did things which have not turned out well.

He mentioned the deregulation of the City of London; which at the time was called the banking Big Bang. The effect of this was the evolution of a cavalier attitude throughout government and our institutions, which has now become embedded.

Bankers were encouraged by the government to take risks, which became bolder and bolder. Asset stripping became acceptable, which resulted in the rundown of businesses. All this deregulation, and lowering of standards was re-invigorated by Blair and Brown, and continued to the present day.

All in all, it is not so much what Thatcher did, as the example it set which others have followed. The damage done is plain to see. We have to alter the mindset of thinking that we shall be great again with less regulation. Proper regulation is vital; as is effective enforcement.

Which takes us full circle, because regulation has to be properly thought through. So long as the present attitude of politicians prevails, it will not get the thought it requires. How do we square that circle?