SIR - Are sensible level-headed people fully aware that the recession was caused by the reckless money grabbing greed of the bankers.

These same bankers with their obscene excessive bonuses that bank roll the Conservatives who in turn tried to blame the Labour party for the recession, what a farce.

It has taken Mervyn King, the former boss of the Bank of England, until now to come out and admit that the recession which was global was not in anyway Labour's fault and whoever had been in power could not have avoided it.

Why he didn't come out with this earlier is a mystery, the whole thing stinks.

Intelligent folks always knew the truth, ignorant people just buried their heads in the sand and believed the rubbish the Tories told them. We are now all paying the price of their incompetence and lies.

JAMES BISHOP Worcester