July 17, 2012


The coalition 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-Lib Dem 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. 

Prime Minister, David Cameron will be relieved that this week saw his last grilling by MPs before the summer break. He has certainly got a lot to answer for.  In six months of shambolic government, with U-turn after U-turn under pressure from Labour, on petrol, pasties, caravans, churches and charities, his failed economic policies have given us a double-dip recession made in Downing Street, long-term  unemployment at a 17 year high and borrowing that is higher than planned.  

Thanks to Cameron’s out of touch budget, we got a tax cut for millionaires - and an unfair  ‘granny tax’ which means older people are unfairly hit. 
The Tories and Lib Dems have promised change but have failed to deliver, and David Cameron is fast losing the confidence of the country. So before he jets off for his summer break, leaving the country's problems far behind, we are calling on David Cameron to make three more U-turns to get this country back on track:
  1. Reverse the failed Tory economic policies and urgently put in place Labour's plan for jobs and growth, including a tax on bankers’ bonuses to fund youth jobs.
  2. Reverse the tax cut for millionaires so that in tough times the richest pay their fair share.
  3. Reverse the ‘granny tax’ so that pensioners aren’t unfairly hit. 

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