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Missed warning about the City

In the September issue of Prospect, Howard Davies revealed he sent Gordon Brown a “valedictory despatch” when he left his job as chairman of the Financial Services Authority (FSA) in 2003. The letter is something of a warning against Labour’s lack of regulation in the City. “I detect an unhealthy reverence for the wholesale financial markets,” Davies wrote. “The City is seen as a goose that lays golden eggs, and therefore one to which it is dangerous to say ‘boo’… Yet the…

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