Do As I Say

I've been a big critic of our high street banks for many years - in fact ever since I complained about their poor advice, hidden charges and lousy service about ten years ago now.

In fact my complaint was upheld by the Financial Ombudsman Service (FOS) which helps to regulate the banking sector - so I;m not an 'armchair critic' as far as this particular subject is concerned.

Which is why I had to laugh at the comments of Labour leader - Ed Miliband -yesterday when he called for change at the top of Barclays bank which has become embroiled in the latest scandal to hit the industry - fixing interest and lending rates.

Ed's rationale for demanding that heads should roll at Barclays is that some senior figures were still in their posts when this bad behaviour was going on - and either turned a blind eye to events or were not courageous enough to make a stand.

So they are not the right people to bring about the sweeping changes now required to restore public confidence in the banking industry - is the obvious line of argument.

Now I agree with this general point albeit without looking at the actual evidence - which is a dangerous thing to do - but what I find disagreeable about Ed Miliband's comments is that you could say exactly the same thing about Ed and the Labour party.

Because for years when the Labour government was completely riven by a terrible feud between Prime Minister, Tony Blair, and Chancellor, Gordon Brown - yet Ed Miliband and other senior figures (Ed Balls and Harriet Harman, for example) just looked the other way - pretending nothing was wrong.

At best they sat on their hands - at worst they gave tacit support to Gordon Brown - who went on, as everyone knows, to become the worst Labour leader and Prime Minister in living memory.

So in my view it's not smart for Ed Miliband to be climbing on his moral high horse - not without looking like someone who is only wise after the event - like a 'Do as I say, not as I do' kind of politician.