It was a completely exaggerated faith in the market which caused things to go tits up. “Light-touch regulation” was all that was needed they claimed.
But this exaggerated faith in the market wasn’t restricted to the Tories in the Conservative Party it was also shared by those in the Labour Party.
They are big fans of capitalism, but even the biggest fan of capitalism recognises that the market can never function satisfactorily without government intervention.
That is why the most important political office after prime minister is almost always finance minister. Far from having a minor role in government, as they sit back watching the market functioning freely, finance ministers across the world are constantly having to deal with a permanent state of crises.
On the question of Gove’s demotion I’m somewhat puzzled as to why Cameron has decided that he should be the “Tory face on TV”. Surely he must realise that the smuggest most slappable face in government probably isn’t the best choice ?