IN reply to Geoff Morris, (Oxford Mail, December 20), I’m afraid he misread my letter.

I never anywhere stated, as he said, this current economic crisis had “nothing to do with New Labour”.

I did say it was “pretty much accepted by most people”, and that is the view taken by more than 70 per cent of people in this country.

(This figure will change only slightly, depending on which poll you read).

He also makes the classic error of bad timing, as that very night the BBC Panorama programme Carry On Banking, was aired.

I hope he saw it.

It would also be great if right-wing supporters would accept the NHS, state education system and the welfare stare were set up by socialists and doubtless used by many Tories.

Can these supporters also accept it was Mrs Thatcher who deregulated the banks and building societies. And can they accept that the Chinese do not get rid of public sector workers.

I don’t for one second wish for a Chinese style of politics, but I accept they do get some things right, especially when it comes to the economy.

The problem with Mr Morris’ argument is that the current banking system and economic policy is outdated, corrupt, and in total need of an overhaul, whether it is run by right wing Tories, or right wing New Labour.

Mr Morris said, “the banks clearly played their part”. Do I detect a slight agreement here?

I think, and hope, people like Mr Morris are losing this argument as the bankers, (and politicians), get richer, and we all pay for it.

Many of us will have to tighten our belts this Christmas and into the New Year. There will be million pound bonuses for the ordinary guy, or pensioner.

TIM W SIRET, Millmoor Crescent, Eynsham