We accept the Kay Review principles and the overwhelming majority of its recommendations - Umunna

22 November 2012

Chuka Umunna

Chuka Umunna MP, Labour’s Shadow Business Secretary, commenting on the Government's response to the Kay Review into UK Equity Markets and Long-term decision making, said:

"We don't want to kill the financial services goose but we do want it to lay much better eggs for pension holders, savers and investors. That is why we accept the Kay Review principles and the overwhelming majority of its recommendations.

"Increasingly the investment chain has come to serve the interests of financial intermediaries as opposed to the interests of savers and investors - if implemented the Kay Review will help change this.

"Labour has led the debate on the need for a more responsible capitalism and the importance of long-term decision making but whether the Kay Review makes a difference or simply gathers dust is in the hands of Ministers.  Unfortunately this Tory led Government has acted as a roadblock to so many of the reforms we need to see by, for example, U-turning on their flagship policy to introduce annual binding shareholder votes on remuneration."