Government must resist City pressure to dilute Kay Review recommendations

date: 22 November 2012

embargo: For immediate release

Welcoming the government's endorsement today (Thursday) of Professor John Kay's review of UK equity markets, TUC General Secretary Brendan Barber said:

'Any attempt to move the City away from the short-term, quick buck approach of recent times is an ambitious one and we're pleased to see the government giving the Kay recommendations such support.

'There is a real desire to see change in the City. We need to move away from the reckless casino-style behaviour which got us into our current financial mess, and which is causing such financial hardship for ordinary families.

'However, as other attempts at reform have illustrated, the City will not change the way it does things without significant pressure.

'Ultimately the change of culture we all want to see may not happen unless the government abandons the voluntary approach and changes the law governing how Britain's boardrooms operate.'

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