Last week the Tory-led Government rejected Labour’s proposals for an independent judge-led inquiry into banking following the shocking revelations that have left public confidence in the banks at an all-time low.
Labour will keep pushing for a real change for the banking industry, not just because it’s the right thing to do, but because it’s so crucial to rebuilding Britain’s economy.
David Cameron promised change, but things are getting worse, not better. The Tory-led Government’s failed economic plan has left us in a double-dip recession with long-term unemployment at a 17-year high and borrowing higher than planned.
To rebuild our economy, we need strong and accountable banks – lending to businesses and helping families save and borrow.
The behaviour of some bankers which we’ve heard about in recent weeks is economically damaging and socially destructive. None of this reflects what British people expect of our financial sector. It doesn't reflect either the decent values of the majority of people who work in our banking system.
If we are to rebuild a British economy which works for working people we need a better kind of banking where rather than serving itself, banking has a fundamental, wider responsibility to serve the real economy.
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