Some of you have rightly argued that it was not just or mainly the Bank of England to blame for the crash of 2008-9. Under the tripartite Labour scheme of regulation the main blame rested with the government as the convenor of the tripartite system and the most powerful of the three parts. The government was removed from office by the voters, mainly for their economic and banking failings.
The FSA was also to blame. It has been the subject of review and agreed it made important mistakes in the way it regulated banks. The purpose of these blogs is to do the same for the Bank which so far has escaped review.