Economy 4 August 2010 The funniest press release of the year Some people on the right still don’t “get it”: their economic model failed. Print HTML I just received this press release (below) and I wasn't sure whether to laugh out loud, pinch myself or consult a calendar to check if it's 1 April. It's from the Institute of Economic Affairs: In a new research paper released today, the Institute of Economic Affairs argues the coalition's proposals on financial reform will do little to improve the quality of financial regulation in the UK. The coalition is proposing to abolish the FSA and reallocate its functions between a series of new quangos and the Bank of England. Instead Does Britain need a financial regulator? (authored by Philip Booth and Terry Arthur) suggests the regulation of investment markets, financial products, insurance companies and other financial institutions, currently carried out by the FSA and the Pensions Regulator, should be stopped and these sectors should instead be allowed to self-regulate within a framework of limited primary legislation. Self-regulate? The bankers?! Have the guys and gals at the IEA been in a coma for the past two years? Or are they really the evidence-denying, bank-defending, free-market fanatics that this press release suggests? › Did Osborne listen to Theresa May’s warning? Mehdi Hasan is a contributing writer for the New Statesman and the co-author of Ed: The Milibands and the Making of a Labour Leader. He was the New Statesman's senior editor (politics) from 2009-12. Subscribe More Related articles George Osborne's mistakes are coming back to haunt him The changing world of work Is Kezia Dugdale's tax rise the beginning of an honest debate about tax?