The House of Commons Treasury select committee complained last week that Mr Brown's Treasury is exerting too much influence over policy areas which are properly the business of other departments.

ECONOMIST: Bagehot

Labour MP John Mann - who sits on the House of Commons' Treasury Committee - has called for Sir James, described as the "architect" of HBOS's downfall, to be stripped of his title.

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But as the House of Commons Treasury Select Committee has pointed out in an excoriating report, Mr. Osborne's policy looks flawed.

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