Treasury shifts blame for banks’ failure

A senior Treasury spokesperson yesterday admitted that it dealt with the failure of banks such as Northern Rock and Bradford & Bingley in a way that was ‘excessively leisurely’, but added that the Bank of England had also been slow to act. Nick Macpherson, permanent secretary to the Treasury, told a House of Commons public accounts committee, that ministers will be asked to consider an inquiry into the role of the Financial Services Authority.