Flight of fancy - it's Labour's fault

The Tories' must be really desperate. The Telegraph online is carrying a story headlined, Labour to blame for banking crisis, new report claims". Cripes, this could be serious (not). The report published by the Centre for Policy Studies was authored by Howard Flight. Remember him? Yes, he was sacked by the Tory leader of whom it was said he has something of the night about him. Flight's credentials are set out here. The gist of the charge sheet against the Labour Party is that the near collapse of the banking system can be traced back to Labour's decision to remove banking regulation from the Bank of England. Yeah, yeah, remember BCCI?