Osborne still failing to deliver the radical banking reform we need - Ed Balls

4 February 2013

ed balls

Ed Balls MP, Labour's Shadow Chancellor, responding to George Osborne’s speech on banking, said:

“For all the rhetoric and the partial climbdown he has been forced into, George Osborne is still failing to deliver the radical banking reform we need. 

“He is refusing to legislate for a backstop power to allow for across the board separation of the banks, as Andrew Tyrie’s commission and Labour called for last year. He has refused to repeat Labour’s tax on bank bonuses or implement our legislation on pay transparency. And he has failed to get the banks to lend to businesses with net lending to small firms falling month by month. 

“In the coming weeks we will be challenging George Osborne to go further and back amendments to this Bill that would fully implement the recommendations of the Parliamentary Commission of Banking Standards. If the Chancellor fails to support them it will be clear that he is unwilling to deliver the radical change we need.”