Speaking in Parliament last week after the launch of the paper, Tory Shadow Chancellor George Osborne said the paper was a “totally inadequate response” to the economic crisis and said the Government had surrendered its responsibility to fix the regulatory system.
Osborne said: “The next Conservative Government will abolish the tripartite system.”
He said the Tories would put the Bank of England in charge of prudential supervision.
The Tories are due to release their alternative White Paper later this month.
Liberal Democrat shadow Chancellor Vince Cable joined in the attack, calling it “a blank paper” and blasting the Government for failing to take action on the semi-nationalised banks.
Cable said: “Mr Darling should have used this opportunity to assert his authority over the banks. Instead, he is maintaining his passive role in UKFI, which is just not good enough. How can the Chancellor keep pretending that the semi-nationalised banks are not a tool of public policy when they benefited from billions of pounds of taxpayers’ money?”