Dan Hannan is Furious Now.
"Labour, at the end of its term, is descending into senility: what the poet calls "second childishness". It is returning to its oldest instincts: regulate everything, create more quangos, swell the state sector, prohibit private activity (in this case, MPs' outside interests). But when has this approach ever succeeded? Banks were largely self-regulated before New Labour passed the Financial Services Act, and I don't remember them getting into anything like the mess they have since. Haringey social services ticked boxes and followed procedures virtually to the letter, resulting in the horrible death of Baby Peter.
In any case, the House of Commons already has an external regulator. It's called the electorate, and the sooner it completes its audit in the form of a general election, the better."