RESPONDING to the ‘Changing banking for good’ report from the Parliamentary Commission on Banking Standards, Green Party leader, Natalie Bennett said:
"There is much to welcome in this report, but it doesn't go nearly far enough in tackling the continuing risk the banking sector presents to our economy and society.
"The call to consider breaking up RBS is one small step towards dealing with the 'too big to fail' problem, but it would be better to re-nationalise this already largely state-owned bank and use it to provide essential investment in renewable energy and energy conservation, and desperately needed lending support for small business.
Natalie added:
"What's not being addressed is the fundamental issue that while we have an overly-large banking sector, it isn't meeting the needs of the 'real economy'. The extreme case of Iceland demonstrated the dangers of having a swollen banking system – which five years after the financial crisis is still what Britain has.
"In order to rebalance our economy, to bring manufacturing and food production back to Britain, we need a trusted, reliable, locally based banking system. It is a great political failure that no concrete steps have been taken towards this.
"We don't need and cannot afford the risk of a 'international banking sector' that pays miniscule amounts of tax, provides few jobs, and puts at risk our financial security and stability."