Saturday, 2 February 2013

Local Banks and the Regional Development Agency

For years I have been leading the campaign for greater competition in banking. This takes its form in local banks and a business bank. It astonished me that the Labour party - led by the 2 Ed's and Rachel Reeves were against this idea and voted against the plan for greater competetion and smaller entrants to the banking system. I well remember the debate last April, where they voted against smaller banks and local lending bank: see the debate here:

Since then they now talk the talk and say they want such things. To my amazement they also say they agree that the LEPs are working well and would not be replaced by another regional development agency.
This from the same bunch who assured us the world was going to end when RDAs were replaced by business led LEPs. The Journal reports Mrs Reeves speech yesterday here:

For me the key is this: if you want something vote for it and pass legislation. The speech is silent on any changes to legislation - which would be required. If they were committed to local and business banks why did they vote against them?