Commenting after the Treasury announced details of the rescue plan’s implementation, Grahame Smith, Scottish Trades Union Congress (STUC) General Secretary said:
“The set of commitments agreed between Government and the Banks should improve stability and fundamentally change the way Banks operate in the UK. Given the scale of taxpayer exposure, the commitments on remuneration and dividend policy were essential. The commitment to return lending to small businesses and homeowners to 2007 levels is particularly important if the UK is to avoid a deep and prolonged recession.
“This partial nationalisation must mark the end of the era of banking irresponsibility. Those now being rescued by the public purse were amongst the most vocal advocates of a minimalist role for Government in the economy. Today’s humiliation should lead to an extended period of reflection amongst the anti-government crusaders”.
ENDS
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