September 06, 2015
Sir you write “What underpins the significance of British manufacturing is [that] it embodies the sort of open, innovative economy that Britain needs to be to prosper in the global age” “Britain never lost the knack for making things” September 5.
But when your bank regulators accepted the credit risk weighted capital requirements for bank, they implicitly accepted that much more important than financing the “innovative economy that Britain needs to be to prosper in the global age”, was for banks to avoid taking any credit risks.
If Osborne really wanted “the march of the makers” he would ask regulators to set their capital requirements for banks based on makers ratings, instead of credit ratings.
But Sir, your continuous silence on this issue, is clear evidence that FT has also signed up on the baby-boomers’ motto… après nous le deluge… and so please spare us any crocodile tears.
By the way, since you mention “Dyson as Britain’s most celebrated manufacturing success story” you might be interested in that I once suggested: “If I were a bank regulator I would at least give Dyson’s engineering group a call to see what they would think I should do”