STUC on Economy Committee Banking Report

March 18th 2010

Commenting on the Scottish Parliament's Economy, Energy and Tourism Committee's report the Way Forward for Scotland's Banking, Building Society and Financial Services Sector, Grahame Smith, Scottish Trades Union Congress (STUC) General Secretary said:

"The STUC enthusiastically welcomes this report. We have consistently argued that the global financial crisis represented a general failure of politics given that all the main parties had bought into the idea that an unregulated financial sector was a prerequisite for economic success.

"Therefore it is tremendously encouraging to observe MSPs from all the main parties in the Scottish Parliament respond to the crisis in such a robust fashion. They are as correct to argue that, 'it is not acceptable that losses have to be met by the public sector when so much of the profit remains in private hands' as they are to highlight the unacceptable pressures being brought to bear on ordinary bank workers.

"The next step must be for the increasingly robust response from Scottish politicians to begin to translate into effective regulatory action at UK, European and global level".

ENDS

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