Bank of England and Financial Services Bill [Lords]

Part of the debate – in the House of Commons at 4:39 pm on 1st February 2016.

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Photo of Richard Burgon Richard Burgon Shadow Minister (Treasury) 4:39 pm, 1st February 2016

I thank the right hon. Gentleman for his intervention. At the time, Conservative Members were calling for even lighter regulation, but what is clear, and what I will illustrate, is that Labour Members have learnt the lessons of the banking crisis but that this Bill shows they have not been learnt by Conservative Members. Eight years on, bankers’ behaviour and bankers’ bonuses remain in the news. Court cases and institutional fines continue, with hundreds of millions of pounds-worth of fines issued, yet still only one person is in prison, despite all the damage done. Despite a series of commissions and reviews, there remains too little evidence that the lessons of the bankers’ crisis have been learnt. We should all know that the public remain angry at what a number of top bankers did to our economy and our society.