Vickers should be implemented ‘speedily' but more needs to be done for investment and growth

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date: 12 September 2011

embargo: immediate

Commenting on the final report of the Independent Commission on Banking published today, TUC General Secretary Brendan Barber said:

'These proposals will make banking safer, even if on a timescale that gives the banks too many opportunities to lobby for loopholes. The government must legislate speedily to ensure that the plans are not watered down.

'But they will not do enough on their own to turn banking and finance into the engines of recovery and economic growth that we desperately need. Real banking reform would put new sources of investment such as a national investment bank and proper green investment bank at its heart.'

NOTES TO EDITORS:

- All TUC press releases can be found at www.tuc.org.uk

- Congress 2011 will be held at the TUC's Congress House in central London this year. The event runs over three days from Monday 12 to Wednesday 14 September. The deadline for free media accreditation has now passed. Media passes may still be processed but may to be subject to delay. ALL applications for media passes now cost £50. You can apply online by visiting www.tuc.org.uk/the_tuc/tuc-19831-f0.cfm Wi-fi will be available free of charge throughout Congress House during the conference.

Contacts:

Media enquiries:
Liz Chinchen T: 020 7467 1248 M: 07778 158175 E: media@tuc.org.uk
Rob Holdsworth T: 020 7467 1372 M: 07717 531150 E: rholdsworth@tuc.org.uk
Elly Gibson T: 020 7467 1337 M: 07900 910624 E: egibson@tuc.org.uk

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