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


John Denham MP, Labour’s Shadow Business Secretary, ahead of the publication of the final report by the Independent Commission on Banking led by Sir John Vickers, said:
 
“The publication of the Vickers report on Monday is to be welcomed, as is the indication that banks will be asked to implement a ring fence between retail and investment arms.
 
“But of more immediate concern are the small and medium sized businesses that are crying out for finance today – the Vickers recommendations won’t change that. The Government’s self-lauded Project Merlin is failing to deliver increased net lending to SMEs – the Bank of England’s preferred measure of success. The narrow remit, given to Vickers, means that it won’t address the long term finance needs of UK businesses.”

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