SIR – I wonder if readers of the Worcester News remember Margaret Thatcher’s so called ‘big bang’ of 1986?

This was the demolition of restrictions on the financial sector of the economy who rubbed their hands with glee. This was true, free market capitalism in their eyes.

Those of us not so well versed in capitalism stood by wondering what the fuss was about, but we know now.

Allowing the banks and finance houses to write their own rules was a recipe for disaster. They devised an ever-increasing number of ways of hiding risky practices that would lead to them being enriched with huge salaries, bonuses and pension payments.

When it has all gone wrong and you and I have to bail them out, where will they be? They will probably be laughing all the way to their Bahamian bank.

I find it disconcerting that the people who led us into this disaster, with a couple of exceptions, are still in charge of our financial sector. We should lobby the Government to seize the opportunity to reinstate controls over the financial sector that will restrict them from suiting themselves how they make profits at our expense.

Gordon Brown has a wonderful opportunity to redeem himself on this point. He, like other politicians, have basked in the glory of a booming economy. We now find that this boom was built not only on credit – we knew that –but very risky credit.

TERRY JAMES, Drakes Broughton, near Pershore