Challenging the Chancellor on banking regulation

RB_BoEFS_3rd_Read_190416_400.pngOn Tuesday 19th April, in my role as Labour's Shadow Economic Secretary to the Treasury (City Minister), I led for Labour in the House of Commons on the Bank of England and Financial Services Bill.

I made four speeches in yesterday's debate.

In my fourth and final speech I set out the reasons why Labour would be voting against the Bill.

I talked about 'the Panama Papers' tax haven scandal, the easing of regulations on top bankers misconduct and the Chancellor's failed and unfair programme of austerity, cuts and privatisation.

Wrapping up, I said,

'This Bill is a missed opportunity to demonstrate how the Bank of England could carry out its work in the most efficient way possible, with transparency and accountability in its decision making, serving the interests of the people who have sent us here to represent them, and a missed opportunity to demonstrate that senior managers in the financial sector could continue to do their jobs while being effectively and appropriately regulated. These are more missed opportunities from the missed-target Chancellor.'

READ the speech here

WATCH the speech here

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