Claim 7b26d329Checked 09 Jul 2026
Partly True/FalseOn the truth scale
“Gordon Brown took control of the banking industry away from the Bank of England.”
Reasoning & Evidence09 Jul 2026
Brown did move banking supervision away from the Bank of England: the Bank’s own history says that the 1998 Act transferred responsibility for the supervision and surveillance of banks from the Bank to the Financial Services Authority, and the parliamentary bill says Clause 21 transferred the Bank’s banking-supervision functions to the Authority. (bankofengland.co.uk) But that was not the same as taking full control of the banking industry away from the Bank: Bank of England material says the Bank retained monetary-policy responsibility and continued to focus on systemic risk, lender-of-last-resort functions, and overall financial-stability responsibilities. (bankofengland.co.uk) So the claim is accurate only in the narrow sense that Brown shifted banking supervision/regulation away from the Bank; it is misleading if read as saying he removed overall control of the banking industry from the Bank of England. (publications.parliament.uk) Sources: Bank of England, "The Bank of England Act" and "Changes at the Bank of England"; UK Parliament, "Bank of England Bill". (bankofengland.co.uk)
From article
But they were allowed to. Who let them do it? Moronic politicians, who changed rules we’d had for seven decades. Take America – [Alan] Greenspan got rid of the Glass-Steagall Act.5The Banking Act of 1933, which separated investment banking from commercial banks. Its effectual repeal in 1999 allowed Wall Street to gamble with money deposited in commercial banks. Look what that moron [Gordon] Brown did! He took away control of the banking industry from the Bank of England and gave it to a bunch of tick-box bureaucrats at the [Financial Services Authority]. Catastrophic, catastrophic errors of judgement!
Sources opened+ 69 search hits considered
| [1] | legislation.gov.uk |
| [2] | publications.parliament.uk |
| [3] | bankofengland.co.uk |