SIR – I recently met local business leaders at Hereford and Worcester Chamber of Commerce and heard first hand how, to use Vince Cable’s words, banks are ‘throttling’ the economic recovery here in Worcester.
These businesses have long known that action is needed to get banks lending to small business, supporting longterm investment not shortterm gains.
We are in recession and businesses really do need support.
Cable and his Lib Dem colleagues missed a golden opportunity to get to the bottom of why the banks are behaving like this when they joined with the Tories in rejecting Labour’s call for an independent, judge-led public inquiry into the banks.
Last week Labour launched proposals for far-reaching changes to our banking industry to make it more responsive to the needs of the economy and offer greater choice for individuals.
We are proposing a breakup of the dominance of the big five banks, creating a British investment bank for small business and tackling the bonus culture once and for all.
Creating a banking sector that supports rather than hinders economic recovery in Worcester is a top priority for Labour.
It should be for Tories and Lib Dems in government too – but clearly it’s not.
JOY SQUIRES
Labour parliamentary
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