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date: 26 November 2009

embargo: For immediate release

Walker Review shows the City want to get back to business as usual

Responding to the final report of Walker review of corporate governance in UK banks and other financial industry entities, TUC General Secretary Brendan Barber said:

'While some of its proposals are an advance, the Walker Review comes across as the financial establishment putting forward the minimum proposals they think will head off root and branch reform so they can get back to business as usual.

'The City will be sighing with relief and uncorking the vintage champagne today.

'This puts the challenge back on to policy makers. This is not the radical road map needed to reform finance. It will not deal with the bonus culture and the risk taking that threatens to destabilise the wider economy. Nor does it make finance serve the interests of a better balanced economy.

'With further revelations only this week about just how close we came to melt-down in the banking system, we are still waiting for the regulatory, tax and governance programme that can really tackle financial excess.'

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Media enquiries:
Liz Chinchen T: 020 7467 1248 M: 07778 158175 E: media@tuc.org.uk
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Press release (300 words) issued 26 Nov 2009