Responding to the Chancellor's speech today (Monday) on
banking reform, TUC General Secretary Frances O'Grady said:
"It's good to hear the Chancellor finally moving
towards the kind of action the TUC has long advocated by putting into
legislation measures to prevent banks from getting round the Vickers Commission
proposals.
"But the government is still failing to address the
far bigger issue of banking reform - forcing banks to support businesses in the
real economy.
"Trying to stop banks from creating another huge
crash is vitally important, but it is not enough. Unless they start to address
their poor track record of lending to businesses, other than financial and real
estate firms, we will never see the kind of sustainable economic growth that we
need."
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