Climbdown on bankers regulation condemned

RB_BoEFS3_400.pngOn Monday 1st February I led Labour's response to the Government's Bank of England and Financial Services Bill.

During a 25 minute contribution I expressed concern at proposals to roll back regulation on senior managers in the banking sector that was implemented with cross-party support as recently as 2013, following the report by the Parliamentary Commission on Banking Standards.

During my speech, I said:

"How will the public feel when they learn that the Chancellor is scrapping a duty on senior managers in banks—a duty that was welcomed as necessary on a cross-party basis—before it has even been implemented? The public’s deep concern about the behaviour of some senior bankers should extend to the Chancellor, who, it appears, is doing the bankers’ bidding, not the bidding of the British people. Do not the Chancellor and the Government understand the widespread anger of the public and their mistrust of the banking system? The public are right to remember that, because of the bankers’ behaviour, people whom this House is meant to represent lost their homes and their jobs. We should never forget that it was the bankers’ crisis that caused the deficit that this Government have relied upon as their justification for their political choice to cut our public services, cut funding to our local authorities, cut the incomes of working people and cut support for the most vulnerable people in our communities."

READ my speech here

WATCH my speech here

 


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