Mr Brown was very proud to implement plans to get rid of all the regulating bodies in the banking system and create a new one called National Economic Council(NEC).
"The NEC is being portrayed as a kind of “economic war cabinet,” tasked with taking urgent measures to guide Britain through troubled waters in the world’s financial markets. It will meet in Cabinet Office Briefing Room A, codenamed Cobra, which is usually used to coordinate emergency action in the face of a threat to national security.
The council comprises 17 ministers, including eight cabinet members plus Brown, Chancellor Alistair Darling and Foreign Secretary David Miliband. It includes several businessmen drafted into government in Brown’s reshuffle last week. It will also take advice from a group of specially designated “business ambassadors,” consisting of the heads of major financial and industrial institutions. According to reports, “It is hoped their expertise will give the group better insight into the workings of the City.”
These measures have attracted little substantive commentary in the media. The decision to establish a new body, separate from the Treasury, has either been accepted uncritically as one of a number of special measures adopted by the government to try to contain the crisis, or as mere political window dressing for a government that is on the ropes.
The presence of a number of unelected and newly appointed ministers, drawn from big business circles, belies such complacent descriptions. The NEC includes the minister for economic competitiveness and small business, Baroness Vadera, the minister for the City, Paul Myners, Science Minister Lord Drayson and Communications Minister Stephen Carter."
This is like getting the crooks to make laws for the future. Well have a look at this for more info.
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