Financial Reform

Ten years ago this week, the emerging global financial crisis rudely hit the shores of Britain. Northern Rock, previously
As responsible lenders, the major banks must champion and progress the principals of transparency, fairness and control in lending. In a changing economic environment, consumers must be prepared for any eventuality and that means the time for the industry to do more to help their customers prepare for and navigate the future, is now.
Only full and proper state regulation of our financial and economic systems can prevent such a calamity from happening again. But it will also need state intervention in employment matters to protect workers' interests and to support the creation of stronger unions to help in doing so. For a book that unfortunately will be beyond the financial reach of many, consider getting your union branch or public library to order a copy.
It could have come straight out of an episode of Star Trek. "Captain, we are approaching the Capital Markets Union, a new
If we are ever to have a hope of rebalancing the books, meeting the future costs of the NHS, and satisfying our pension liabilities we need to look beyond capitalism. It's served a fortunate few well, but it has failed the majority. It's time to bury it alongside socialism and look for a better successor to both.
This is an important moment for the UK but it is even more important for the wider EU. The restructuring of the Commission to place an emphasis on action to develop economic growth is a real move forward. The UK must seize this opportunity to make a reality of its own reform agenda and work for the vast majority of British people who see reform and change in the EU, not defeat and exit, as the real prize.
In a recent speech Angela Merkel stated that "the danger of another financial crisis is already pre-scripted." She is right.
Scotland would have been "devastated" and forced to turn to the IMF for help if it had been independent during the financial
In the UK and elsewhere, the financial services industry is in the eye of the storm. The industry probably accounts for around 9.5% of UK GDP. Yet in the wake of the financial collapse, seemingly never-ending penalties for mis-selling and market manipulation and the continuing public outrage over bankers' compensation, many have come to believe that the industry is both rotten to its core and has become totally dissociated from the society which it is supposed to be serving.
Perhaps the two most significant statements in the five years since the collapse of Lehman Bros, are by the former Chair of the Federal Reserve and the erstwhile Governor of the Bank of England.