Earlier this week a debate on banking took place in the House of Commons, calling on the Government to improve confidence in the financial sector.
Britain needs banks that work for the whole economy, including individuals, small businesses and corporates, if we are to earn our way out of the cost of living crisis. That’s why it is disappointing that banks want to go back to business as usual, indicating that they are about to pay huge bonuses to traders for performance in 2013.
The motion debated highlighted the fact that the Government has failed to boost competition in the banking industry, failed to raise standards and public trust in the sector, and rejected a fully independent licensing system for bankers.
The motion also called on the Chancellor to drop his legal challenge to the European Union's cap on bankers' bonuses. At a time when families face a cost of living crisis and lending to business is falling, it cannot be right for him to approve a doubling of the bank bonus cap.