The Oxford Mail has reported in detail in the past few weeks, the turmoil in the world money markets, and what it will mean for the lives of ordinary people in Oxford in terms of lost jobs, repossessed houses and pensions made worthless.

The Tories and New Labour would like to have us believe that they are in no way responsible.

However, the deregulation of the financial services sector, started under Thatcher and enthusiastically embraced by New Labour, has had a large part to play in this crisis.

In fact, Andrew Smith, Oxford East's New Labour MP, was a keen advocate of deregulation.

In a speech to the World's Stock Exchange Conference in February, 2000, Mr Smith, who was Chief Secretary to the Treasury at the time, stated: "Our watchwords are light touch regulation where possible, consumer protection where necessary.

"But there is still much more scope for further innovation, and to extend the benefits of novel financial products and delivery channels to a much wider range of EU consumers. We need to take positive action to develop a fully integrated pan-European high risk and venture capital market, removing the remaining obstacles to the creation of a wider and deeper venture capital market by 2003".

If you live in Oxford and are unfortunate enough to lose your job or have your house repossessed or your pension made worthless due to the present turmoil, whom should you blame?

New Labour, same old Tories.

Martin Broderick, Bateman Street, Headington, Oxford