Financial regulation and the banks

This recession was initially provoked by the global credit crunch which began in summer 2007 and hugely exacerbated by the full scale financial crisis of autumn 2008. The ‘financialised’ economy was bound to collapse and it was inevitable that ordinary working people would bear the brunt of the economic and social fall-out.

Therefore, any attempt to build a fairer, more sustainable economic model has to start with placing the financial sector firmly back in its box: the financial sector should support the wider economy, not undermine it.

The STUC will respond to the various consultations and inquiries currently underway including:

• The Scottish Parliament’s Economy, Energy and Tourism Committee’s Inquiry into the future of the Scottish financial sector.See STUC’s written submission to the inquiry here

• The Scottish Affairs Committee’s inquiry into the Scottish banking sector;

• The Treasury’s Review of Financial Markets;

• The Walker Review of Corporate Governance