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  GaryC - yes I agree it does not let the guilty parties off the hook but they were only able to do this because Brown's changes. But the problem goes deeper than that because there are allegations of collusion between the BoE, Brown's Treasury Ministers and the banks. This really is a right royal mess and deeply damaging to the biggest earner of overseas income we have, The City of London.
  
  As for the latter point, no you cannot equate the two if it is the government debt you are referring to. That is as a result of deficit spending by the government over many years and, most specifically, during the growth phase of the economy when they should have balanced the current account. If, on the other hand, you are talking about the high levels of private debt then you have a point and the blame for that can be shared between Brown who got his inflation brief wrong for the BoE, ignoring debt levels and the LIBOR fiddle.

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