Tory MEPs fail to support banking reform

iStock_000000494106XSmall (1)Labour MEPs today backed calls for fundamental changes to the structure of the EU banking sector.  Meanwhile, Conservative MEPs voted against the moves, despite the Tory government’s pledge to bring in banking reform in the UK.

Glenis Willmott, Labour’s Leader in the European Parliament said:

“While David Cameron has promised to reform banks in Britain, his own MEPs are doing precisely the opposite.

“We voted for measures which will bring a safer, more stable banking system, which does not depend on taxpayer bailouts and brings real benefits to the UK economy.   But the Tories voted against, apparently oblivious to the fact that an EU banking crisis would have a serious contagious effect on the UK.  It was totally irresponsible.

“Today’s vote was a clear signal in favour of real reform to the structure of EU banks.   Banking services essential to the real economy must be separated from the excessively risky activities of traders and investment bankers, to prevent the situation that got us into the financial crisis in the first place.  Depositors and consumers should no longer pay for the excessive risks taken by banks with their money.

“And the taxpayer cannot continue to be the lender of last resort. We need reform to deliver a safe, stable, effective and efficient banking system that operates in a competitive market economy and serves the needs of the real economy and of customers and consumers.”

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