Excellent piece reminding us that a Tory government would have been no different to Labour in their approach to the banking industry. In fact they would probably have been even worse……
Originally posted on Pride's Purge:
(This isn’t satire – believe it or not)
As the widening banking scandal in Barclays is breaking, it’s worth remembering that in 2007, Cameron endorsed LESS regulation of banks and specifically mortgage and pension provisions by financial institutions.
A report produced by the Conservative Party in 2007 – endorsed by Cameron – called ‘Freeing Britain to Compete‘ recommended that a vast range of regulations on the financial services industry should either be abolished or watered down, including money-laundering restrictions affecting banks and building societies. The report also saw “no need to continue to regulate mortgage provision“, saying it is the lender, not the client, who takes the risk.
Here are a few gems – direct quotes – taken from the report:
The (Labour) government claims that this regulation is all necessary. They seem to believe that without it banks could steal our money ……………
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