Cameron told the conference in Birmingham that the Conservatives would work with the Government to help restore financial stability. He said people are rightly angry with some of the excesses in the banking system and there would be a “day of reckoning” but today was not that day.
He revealed that the Conservatives were prepared to drop their objection to the Financial Service Authority being given the right to pull the trigger on the special resolution regime to return to the argument at a later stage.
The Conservative leader called on the Government to push through improved depositor protection in parliament next week. He said that the democracy is being tested in the current crisis and challenged the party’s perceived alignment with the City stating “the Conservatives are not a wholly owned subsidiary of the CBI” and said his party was in favour of a free market not a “free for all”.