“DEPLORABLE” REFUSAL TO TAKE ACTION OVER BANK REGULATION

Plaid’s economic spokesperson Jonathan Edwards MP today tackled the Financial Secretary to the Treasury, Mark Hoban, over the UK government’s “deplorable” refusal to take action over banking regulation.

Mr Edwards accused the UK Government of “light touch reform” no different from the last Labour government’s “light touch regulation”.

Mr Edwards noted that only way to make sure that casino bankers are never able to gamble with taxpayers’ money again is to split the retail and investment arms of banking, and to break up of super banks.

Speaking after the exchange in the House of Commons, Mr Edwards said:

“Prior to the last Westminster election, the Business Secretary and the Chancellor on behalf of their respective parties, were involved in a verbal fist fight as to who was going to be toughest on the banks.
 

“Individuals and families will be left sorely disappointed by this deplorable announcement which symbolises “business as usual” for the economic elite.

“If the last Labour government were guilty of light touch regulation of the financial sector – then the Con-Dems are now guilty of light touch reform.

“The only way to ensure that taxpayers are never again forced to bailout the casino activity of bankers is to split their investment from their high-street activities.

“Bankers today are the cats that got the cream. Their reckless behaviour is being rewarded by spineless governments of whatever colour and paid for by ordinary working people who now face years of austerity.”

ENDS / DIWEDD

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