Labour to outline regional bank scheme
Wednesday 13 March 2013
Printable
EmailPlans for the next Labour government to set up a new system of regional banks will be outlined by party leader Ed Miliband tomorrow.
The new banks would be "regional partners" of Labour's proposed British Investment Bank.
"Britain needs a wholly new banking system," he will say in a speech tomorrow to the British Chambers of Commerce.
Mr Miliband will complain that requests to the banks from small and medium-sized firms for adequate finance are often turned down, even though they are "the backbone of the economy."
He will contrast the £4.5 billion fall in net lending in the last quarter with the big banks "carry on with a bonus as usual culture, even for those who fail."
A Labour government would set up regional banks with a mission to serve their own region, he will promise.
"Not banks that you mistrust, but banks you can come to trust."
If you appreciated this article then please consider donating to the Morning Star's Fighting Fund to ensure we can keep developing your paper.
Editorial
It doesn't have to be like this
Official inflation figures understate the real extent of rising costs, but even the government's own CPI scheme lays bare the ongoing misery for working people and those dependent on benefits.
Features
A strategy for our victory
The Con-Dems have had it their way too long. We have to turn this country around
Education for all: let's make it a reality
How high-quality primary schooling could help solve global poverty