Saturday, 30 June 2012

The Times publishes my letter on the Libor banking scandal and need for more than inquiries

Enough of the casino banks and their bosses


Following the industrial disputes of the 1970s and 1980s, the Government claimed that one interest group in the economy, the trades unions, had become too powerful, had an unhealthy stranglehold on economic life and was manipulating politicians. As a consequence, the Thatcher Government enacted draconian legislation, and deployed the police in an unprecedented fight to implement its plans for a generational transformation of the economy.

It is to be hoped that following the corrosive role played by some banks in bringing about the continuing financial crisis and recession, the current government will act with similar decisiveness against parts of that sector.

We must move swiftly away from the current paradigm in which the prosperity of the country as a whole, and the economic security of ordinary people and their businesses, is dangerously affected by the actions of a minority of greedy, immoral and avaricious people in parts of the financial sector (reports, June 29). No other group of workers would get away with it with such seeming impunity.

Given that the recession is deepening and we face at least a decade of austerity and falling living standards, the public will no longer be mollified by blaming the previous government, or more commissions, inquiries and talk: we now want action.

John Slinger
Rugby, Warks

Viewable online here.

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