Speeches sourced from the Labour party’s online archive More…

Owen Smith, Labour’s Shadow Exchequer Secretary to the Treasury and MP for Pontypridd (which includes one of Peacocks major distribution centres employing 400 people), responding to the announcement that Peacocks may go into administration, said:

"Peacocks is a British success story. That its future – and that of the 9,000 people who work there across the UK - is now in jeopardy is indicative of this Government’s failed economic strategy. George Osborne talks about creating a private sector-led recovery, but the reality is that spending cuts and tax rises like the VAT hike which go too far and too fast have choked off the recovery, hit business and consumer confidence and pushed up unemployment.

"This case also raises the issue of British banks’ role in our modern economy and the short-termism which seems so often to guide their behaviour.  RBS is one of the major investors in Peacocks and their decision to refuse further credit to a company that, despite difficult economic conditions, last year made an operating profit of £27 million, begs questions about the role that our banks play in supporting real jobs in the real economy."

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