When Ed Miliband gave his speech to Labour’s autumn conference last year, he rather tied himself in knots about how to end predatory capitalism. The Labour leader was trying to make it clear that he would stand up to vested interests, but the message was lost under a row about whether he was pro- or anti-business.
Today Miliband managed to put that speech into context a little more, by announcing Labour’s plans to change the culture of banking in this country. Instead of predator banks, he wants ‘stewardship banking’, which builds ‘a long-term, trusted relationship with their customer’ and serves the real economy as well as the industry itself. The proposals include the creation of a British Medical Association-style code of conduct for bankers, a dedicated banking unit at the Serious Fraud Office, and two new ‘challenger’ banks to increase competition and standards in the industry.
Matt Hancock was quick as ever to respond to this by arguing that the Labour party was ‘behind the curve’ on the subject of banking reform.
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