EU Referendum


Politics: an equality of penalty?


19/06/2013



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The Guardian is one of two low-circulation newspapers which today lead on the Tyrie "commission" calling for a new law to jail bankers for "reckless misconduct", as well as provisions which will require bankers to wait up to 10 years to receive their bonuses.

The call for jailing bankers undoubtedly reflects to growing public distaste for the breed, but one suspects that there are already sufficient sanctions to apply to those who fail in their duties. The problems seem more related to detection and enforcement, rather than the lack of any penalty.

However, there is always a good case for reviewing the accountability of individuals who stray from the path of acceptable behaviour and recklessly cause damage or cost. But, if there is a case for change in this sector, then surely there is equal cause to move against the public sector.

On Saturday, we saw a German call criminal sanctions against public servants for "financial infidelity", where there had been substantial and reckless waste of public money. What's good for the goose must surely be good for the gander.

Thus, while one would not at all disagree with the idea that bankers should be held responsible for their actions, the principle should not be confined to this sector. Criminal sanctions, where appropriate, should apply across the board, and should apply equally to the public sector. 

A few civil servants behind bars might to wonders for the quality of public administration.

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