Conservatives Highlight Tighter Bank Controls And Tory Inheritance Tax
Bailed out banks shouldn’t whinge about tighter controls says Cable.
“This is not the time for banks to be complaining about tighter regulatory controls, it is the time for them to be lending to good British businesses,” said the Liberal Democrat Shadow Chancellor.
Commenting on a leaked report from PriceWaterhouseCoopers on behalf of major banks warning that the impact of measures to tighten regulation of the banking sector risks a double-dip recession, Vince Cable said:
“Given the scale of the bailout the financial sector has received from the taxpayer, this kind of scaremongering from the City is simply whingeing.
“Most UK banks are now holding capital far in excess of regulatory requirements and continue to pay out huge bonuses while starving solid small and medium size businesses of credit. Banks need to understand that they cannot go back to business as usual.
“This is not the time for banks to be complaining about tighter regulatory controls, it is the time for them to be lending to good British businesses to safeguard the recovery and safeguard people’s jobs.”
Tory Inheritance Tax cut costs £6bn – Cable
Liberal Democrat research has revealed why Tory leader David Cameron was so reluctant to discuss his party’s plans for Inheritance Tax in last week’s leaders’ debate.
The analysis reveals that:
- The Inheritance Tax pledge would cost £6bn over the course of the next Parliament
- It is aimed at the wealthiest 0.8% of estates in the UK
- Every year, 3,000 of the wealthiest estates in the country would each benefit by almost £250,000
Commenting, Liberal Democrat Shadow Chancellor Vince Cable said:
“At a time when the gap between the richest and poorest is so great, it beggars belief that David Cameron wants to give the wealthiest estates a £6bn give away.
“The Tories are showing where their priorities really lie.
“This tax pledge is grossly unfair, only helps the wealthiest households and costs £6bn at a time when the public finances are in a perilous state.
“A vote for David Cameron is not one for fairness and change. It’s a vote for more of the same.
“Only the Liberal Democrats are fully committed to creating a fair tax system. We are the only party that stands for fairness and not division.”
Topics: 2010, bank bailouts, banking system, banks, Britain, conservatives, David Cameron, double dip recession, economic development, Economy, employment, families, financial services, general election, George Osborne, global downturn, global economic downturn, global financial collapse, global financial crisis, Gordon Brown, Governance, government, Great Britain, inheritance tax, Inheritance Tax Pledge, investment, job losses, jobs, Labour, Liberal Democrats, moniter, monitor, news, open government, Parliament, policy, politics, PrceWaterhousCoopers, public services, recession, regulations, safety, security, spending, taxes, taxpayers, Tory, transparency, U.K., UK, unemployment, United Kingdom, Vince Cable, welfare reform
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