MY sentiments are with Bob Woodland (February 10) re the safe jobs of bankers and politicians but offer a minor amendment to his analysis of their respective roles in the debacle.

It was Gordon Brown, son of the manse, who ignored the biblical story of seven lean years following seven good.

When he left No 11 for No 10 Downing Street his government was spending £4 for every £3 raised by taxation and had pushed up the country’s borrowing to record levels.

The banks abandoned historical canons of lending in the pursuit of market share.

The proportion of their loan book occupied by the property and development sector soared and buyers were encouraged to borrow more than is prudent, fuelling house price inflation.

To make matters worse banks sold on loans in packages to other financial institutions (securitisation) using the proceeds to lend yet more.

They assumed that they were spreading risk by mixing cast-iron loans with riskier ones!

“Never mind the quality, feel the market share – here comes my bonus”.

The bubble was bound to burst, leading to repossessions, write-offs and marked diminution of banks’ capital, reducing their ability to lend.

It was always obvious that whoever won the last election would be forced to adopt harsh measures and become unpopular.

Part of me wishes that Labour had won and had to sort out its own mess.

JOHN BEST, Highcliffe