Beware of "Light Touch Regulation,” a meaningless political contrivance only ever used to deceive.
And it has been used by both sides of the political spectrum usually to attract the floating voter. "Light Touch Regulation” has become the calling card of the middle ground.
Labour’s grass root mistrust of private enterprise would not have it’s heart in these words, perhaps because such political linguistic stealth was pioneered by Tony Blair who is no longer, if ever was, considered a socialist.
On the other wing the deregulation of private enterprise, including the banking sector, is in the DNA of the Tory party.
So called, "Light Touch Regulation” went spectacularly wrong with the Banking Crisis which was of course a world wide phenomena. Since then David Cameron can be heard, almost daily, blaming Labour for having too much of a “light touch” when regulating the banking sector, as if the Tories would have acted differently.
In fact this negative perception of "Light Touch Regulation” suits Cameron because he now feels able to justify every ounce of draconian austerity directed at anyone who has no money and protect anyone that has coined it.
Casino Banking caused the crisis, but it did not abolish wealth. As a nation we have the same wealth and perhaps even more then we had before the crisis. The difference is simply that the nation’s wealth has been redistributed from the many, including the Monks, to the most wealthy including those that caused the crisis.
Now you might think that the political elite would banish this phrase from all political rhetoric for ever more.
You will hear DC trumpet yet more "Light Touch Regulation”, in the ever expanding privatisation of Health and Social Care and Education. and where in each case there have been spectacular abuses that are in the public domain and many more that are not.
But still we are likely to hear Vince Cable and David Cameron, equivocate on the required regulation of the banking sector. It seems that they do not have their hearts in it, and will excuse further "Light Touch Regulation” for the fear of driving out the banking experts and their highly tuned banking skills to foreign competitors. What skills, you might ask?
I would be most happy to have this pernicious phrase removed from the political agenda, because they can really screw you with "Light Touch Regulation" and get away with it.