What people are worried about today is what is happening to their savings, housing and jobs than whether Gordon Brown will survive or the Labour Party will tear itself apart.
Ironically, Gordon Brown and Alastair Darling are the architects of the current regulatory regime for banks and financial institutions, having established the Financial Services Authority and its regulatory powers ten years ago when they were then Chancellor and Chief Secretary. Today they are arguing that it failed to identify the risks which have led to the collapse of banks and threatens financial stability.
Gordon Brown boasted for ten years about his achievements. Today he is trying to disown them. But this crisis may give him the political cover to ward off calls for him to quit - for now. After all, does any senior Labour politician have the credibility to sort out the current mess?
Conservatives, including me and my colleagues on the Treasury Select Committee last week, called for reforms to return stability to financial services and prevent another bubble. We have proposed giving the Bank of England tough new powers to intervene in financial markets and provide new protection for depositors from financial collapse.
Last week was the anniversary of the collapse of Northern Rock. Gordon Brown has had 12 months to introduce reforms. He should stop dithering and take action now to restore confidence - or make way for someone who will.
