Ed Balls was economic secretary to the Treasury, working alongside chancellor Gordon Brown, in 2006-7. In that role he was responsible for banking regulation. He was economic adviser to shadow chancellor Brown in 1994-7 and chief economic adviser to H.M.Treasury in 1997-2004.
As economic secretary to the Treasury in 2006-7 Ed Balls’ priorities were (1) champion the right of bankers to do whatever they wanted (he didn't seem to care about potential economic destruction or fraud) (2) ensure that the government and regulators kept off the bankers’ backs
All the visits that Royal Bank of Scotland chief executive officer Fred Goodwin had made to Ed Balls’ Westminster office were paying off...
It wasn’t just Ed Balls. By 2007, the New Labour establishment had fallen so hopelessly in love with bankers (hence the “Ks” and other baubles for Goodwin, Crosby, etc), they had allowed the apparatus of government to be more or less entirely “captured” by the banking sector.

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More from @Ian_Fraser

1 Oct
This guy used to be news editor of the Daily Express.
I mean it... Mike Parry was news editor of @Daily_Express, before becoming @PA news editor, and then @FAspokesperson. He has also co-presented a show on TalkSPORT with Mike Graham.
Mike “Porky” Parry’s other main claim to fame was that he nearly killed himself by trying to eat a tablespoonful of cinnamon.
Read 4 tweets
30 Sep
Malcolm Offord tried and failed to become an MSP in May 2021’s @ScotParl elections. Today, after donating nearly £150,000 to the Tories, he’s being ennobled handed a @UKGovScotland ministerial role.
Malcolm Offord, a Greenock-born financier who has donated nearly £150,000 to the Tories, was made a life peer and a junior Scotland Office minister over the heads of elected Scottish Tory MPs. theguardian.com/politics/2021/…
Boris Johnson is making a mockery of democracy in handing the millionaire private-equity investor Malcolm Offord, a man who has given £147,000 to the Tory Party, a life peerage and a ministerial job. mirror.co.uk/news/politics/… Image
Read 4 tweets
18 Sep
Nightmare on Nine Elms street as investors flee massive South London development of 55-storey residential towers. Property experts doubt the #VNEB development will ever be finished, despite the opening of new tube stations. via @BenGartside
telegraph.co.uk/business/2021/…
The success of the site, located in Vauxhall, Nine Elms and Battersea, largely hinges on Guangzhou R&F, a Chinese developer that's coming under mounting pressure because of its $52 billion debt pile, which @MoodysInvSvc downgraded earlier this month. telegraph.co.uk/business/2021/…
There are also worries that the Nine Elms development is too focused on glitz and spectacle rather than the realities of building a new London hub. “The regeneration is one hell of a leap of faith,” said a local property adviser. Good story by @BenGartside telegraph.co.uk/business/2021/…
Read 5 tweets
18 Sep
“1,000 Cranes of Solidarity” exhibition in stpetersedinburgh.org. A powerful exposé of how China has trampled over human rights in Hong Kong. Well worth a visit. ImageImage
“There’s an Eastern myth that if one person folds 1,000 cranes within the space of one year, their wish will come true”

A Thousand Cranes of Solidarity Exhibition, St Peter’s Church, Lutton Place, Edinburgh. Image
‘One Belt, One Road’ panel plus some more cranes. #1000cranes #StandWithHongKong @Stand_with_HK ImageImage
Read 4 tweets
14 Sep
This video speaks volumes about the oversupply in China's housing market. 15 tower blocks in Kunming 昆明, the capital of Yunnan province, were demolished last month after sitting unfinished for eight years.
Meanwhile China’s largest property developer Evergrande is warning it could default on its $300 billion of liabilities as it struggles to cut costs or sell assets. The company’s Shenzen headquarters was besieged by investors and bondholders last weekend 🇨🇳 edition.cnn.com/2021/09/14/inv…
also h/t @evolusibina for the video above. A Malaysia-based platform, it shares great content on the construction sector.
Read 5 tweets
31 Jul
Home Office set up fake website and a phoney organisation called On The Move in order to mislead asylum seekers. Scoop by @lizziedearden independent.co.uk/news/uk/home-n…
Shadow home secretary @NickTorfaen said: “Priti Patel’s chaotic management of the Home Office has led to thousands of pounds of taxpayers’ money being spent on an ad campaign that’s false, disgraceful and dehumanising.”
independent.co.uk/news/uk/home-n…
Priti Patel’s Home Office set up phoney organisation called “On The Move” with a fake website to dupe asylum seekers. independent.co.uk/news/uk/home-n…
Read 4 tweets

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