Lord Turner of Makebelieve has come up with a new plan to match the capabilities of the FSA he chairs to the size of the industry he represents. Since the recently expanded FSA is as big as it could be, his answer is to shrink the City to the point that the FSA might be able to cope with it. He proposes we reduce our last surviving world class industry to the level, say, of our garments industry. According to Turner (Prospect magazine), it is socially undesirable to have one industry out of proportion with the others and maintaining City competitiveness should be low, or even no, priority for the FSA.
What madness is this?
The previous suggestion that the remit of the FSA should shrink until it matched its capabilities was clearly too rational for Lord Turner. Maybe he’s the one ready for the shrink.