Sunday, 8 March 2015

A less tolerant attitude to banks needed by Labour?

What on earth are all those expensive research groups and advisors, experienced in American elections, thinking of, if they cannot see votes for Labour "in bashing LLoyds`s bonuses"? (Lloyds has been let off too lightly,,01/03/15) Why, do they think, is Labour hemorrhaging votes to the Greens, Ukip and the SNP? Of course, the electorate wants action taken against the banks; they owe us! Voters also want a Labour party vastly different from the Tories, regardless of what Blairites, Balls and the rest of the pro-City faction think!
    Your Business Leader suggests Miliband as prime minister would "force UKFI to vote against Lloyds`s pay report", but he could do much, much more, starting with participation in the EU`s financial transaction tax. Furthermore, if £375bn could be "created" by quantitative easing to recapitalise the banks after the crisis, why can`t the same method be used by a Labour government to fund a fully nationalised RBS, and its transformation into a People`s Bank, re-staffed with employees more concerned with improving customer service than their annual obscene bonus? Pay at the top could be capped to sensible levels, all profits could be ploughed back into the Treasury to fund health and education, and ethics could stop being merely a word used in banking CEOs` rhetoric. A People`s Bank could attract millions of customers away from the others on the high street and the banking culture would be forced to change. Of course, the other banks "would fight tooth and nail", but most neutral observers would regard this as just deserts for all the money-laundering, interest rate fixing and mis-selling scams of recent years. 

Such a policy would not merely be "a statement of intent" by Labour, it could, quite possibly, win them the election!

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