Local MP Katy Clark has called for the nationalisation of the banks as the only way to make sure that they start acting in the public interest. The current economic climate has seen HBOS, Northern Rock and RBS all struggling to survive.
Ms Clark said, “The taxpayer has put billions of pounds into the banks yet they are still failing to act in the public interest or pursue Government policy in relation to borrowing to local businesses and individuals. The banks have been irresponsible for far too long. If they are unable to act responsibly on a voluntary basis the Government now needs to take complete control of the banks to ensure that the public interest is paramount given the huge sums we have invested.”
Ms Clark went on to say, “In the current economic climate it becomes more relevant then ever to talk about public ownership of the banking industry. Lending must be a priority now to ensure that businesses can survive and that people can keep their homes and their jobs.”