A reader writes:
Ahem... Labour (has the "New" been consigned to history?) had plenty of time to increase the regulatory powers of the FSA and other City bodies, but chose instead to cave into the bankers and their lobbyists who claimed it would undermine London's competitiveness. You can't blame the Tories alone for an ideology which was and still is, to varying degrees, shared by all the major political parties.
As for the response to the economic crisis, Obama's deficit commission doesn't really fit with the Leftist agenda you seek, does it?
I agree with the assessment that Labour (or 'New' Labour') caved to the bankers and lobbyists, but Brown did steer the party quite dramatically Left when the meltdown was in full effect. By then, the damage had already been done and there wasn't much he could do to stave off Tory attacks on his incompetence. I don't blame the Tories, I'm just pointing out that neo liberalism is a product of the Right (if you want to call it that, although I don't see how it has anything to do with conservatism).
In regards to Obama's deficit commission, it's a good idea if they are assessing things like absurd military spending and weapons programs. Unfortunately, it is most likely to be directed at the welfare state so that the poor and vulnerable suffer disproportionately.