Torbay Lib Dem candidate Adrian Sanders has criticised the Conservatives’ policy towards Britain’s banks, claiming that the reforms they have suggested would not stop the banks taking the country into recession again in the future.
He is highlighting Vince Cable’s plan to break up Britain’s banks and take steps to ensure that the financial services sector repays the bailout given to it by the taxpayer.
Vince is supported by Bank of England Governor Mervyn King in his calls to split retail from investment banking, which would create a system that was in place in the United States until 1999 and provided security for consumers and the basis for a robust economy.
Adrian told the Devon Week: “The Conservatives only want to tinker around the edges, which will let the banks go back to their old ways. It is clear we should be taking the advice of Vince Cable and the Governor of the Bank of England and implement radical reforms to avoid a future recession and the unemployment and poverty that would certainly bring to places like Torbay.”