The deputy governor of the Bank of England has admitted that they had underestimated the high level of the ongoing financial crisis.

Sir John Gieve said in an interview with the BBC that the Bank had relied too much on controlling interest rates and thought that the situation wouldn’t be as bad as it is currently played out.

“We need to develop new instruments, which sit somewhere between interest rates, which affect the whole economy…. and individual supervision and regulation of individual banks.”

The people who are supposed to be in charge of our finances obviously don’t have a clue about how to do to deal with the worsening recession in the UK. The City doesn’t know what to do…. the Bank of England doesn’t know what to to….. and obviously the government doesn’t know what to do. Meanwhile, people are being made redundant daily, getting their homes reposessed, some are seeing the value of their pensions fall making them worthless in retirement, and shares continue to tumble at an alarming rate. Who on earth is going to help us get out of this crisis?

London’s iconic Routemaster bus could be set to make a comeback, a few years after being phased out by Ken Livingstone.

Transport for London recently announced the winning competition designs for a new Routemaster-type bus which if implemented will be in service soon.

To be honest, I don’t care what type of bus I travel in so long as it gets me from A-Z. Now, what do we do in the meantime about those unloved bendy buses?

Like the majority people in Britain who were opposed to the war in Iraq, I’m pleased that the government plan to withdraw all of our military personnel from the country by at least July next year.

They were there for what would be a total of six years…. all for the lie that the country had weapons of mass destruction. They were part of an occupation that tells more about the self-inflated egos of George W Bush and Tony Blair than of a plot to get rid of despot Saddam Hussein.

They leave an Iraq in a worst mess than before, and suffering from widespread sectarian divisions. This is Britain’s true lasting legacy on international affairs…. and it’s a shameful one.