Adur, West & East Worthing Party including East Arun

Coalition needn’t take lessons from Miliband on banking – Williams

Commenting on Ed Miliband’s speech on banking, Liberal Democrat Treasury Spokesperson, Stephen Williams said:

“The Liberal Democrats have called for banking reform for more than 10 years. While Labour knighted Fred the Shred, Vince Cable was calling for an end to casino banking.

“The Coalition will have done more for a diverse banking sector in five years than Labour did in 13 years; we need not take any lessons from Ed Miliband on this.

“We are separating high street and casino banking, making it easier for new banks to set up and thoroughly investigating the Libor scandal and need for professional standards in the industry.

“I am glad that Ed Miliband has joined my call for a more ethical and professional banking industry.”

Note to Editors:

1. Stephen Williams called for professional standards in Banking in a blog article on 30th June:

2. Stephen Williams opened an ISA with Triodos, the Bristol based ethical bank, on the day of HSBC’s, his current ISA provider, AGM, 25 May 2012.

3. Stephen Williams recently tabled EDM 317 which welcomes the rise in applications to ethical banks:

That this House supports a diverse and ethical banking system; welcomes the reported increase in account applications to ethical banks, such as Triodos in Bristol, as a result of the ongoing banking scandal; and encourages the public to embrace banks which serve ordinary people, small businesses, social enterprises and local communities.

This was following up his previous EDM (2789):

That this House welcomes the launch of the campaign group Move Your Money UK; supports its campaign to encourage consumers to use their financial power to tackle high pay and bring about a more responsible and sustainable banking system; and notes its desire to create a more diverse banking system which serves the needs of households, small businesses and local communities.