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Miliband pledges to end quarterly accounting

Ed Miliband Labour 480

Labour leader Ed Miliband has pledged to end the practice of public companies publishing their accounts every quarter in his speech to the Labour party conference in Manchester yesterday.

Speaking without notes for over an hour, Miliband set out his vision of a one nation Britain, promising to end short term thinking.

Currently public companies have to file accounts every quarter to show shareholders the state of the business.

He said: “Businesses tell me that the pressure for the fast buck from City investors means they just can’t take the long view.

“They want to plan one year, two years, 10 years ahead but they have to publish their accounts in Britain every three months. In line with the wishes of the best of British business, we will end that rule so companies in Britain can take the long term productive view for our country.

“Companies in Britain are far more easily bought and sold than in many other countries. Do you know that when a takeover is launched the hedge funds and the speculators can swoop in for a quick profit.

“They are not acting in the interests of firms or the nation. They are just in it for the fast buck. It is wrong and we will change it. “

He called on business to work with the party ahead of 2015 to “refound the rules of the game”.

Miliband re-iterated his threat to the banking industry to implement Sir John Vickers’ recommendations in full or Labour will act.

He said: “This Government promised change, but things aren’t really changing. So I have got a message for the banks, we can do this the easy way or the hard way.

“Either you fix it yourselves between now and the election or the next Labour government will once and for all ensure that the high street bank is no longer the arm of a casino operation and we will break you up by law.”

Miliband also pledged to freeze public sector pay, keep some Government cuts and fight to keep Scotland as part of the UK.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Willem de Leeuw 3rd October 2012 at 3:54 pm

    Miliband is very foolish if he thinks such a change will make any difference. Anyway, I like seeing the quarterly accounts; does Mr. Miliband think that management won’t and don’t create monthly management accounts anyway to which they’ll compare to budget and target figures? What you need to do is change the culture of investors. Of course he wouldn’t know because he’s only lived in a Hampstead socialist dream world and is a career politician.

    Btw, I was speaking to someone who went to his state school and they said it wasn’t exactly the poor, deprived place that he tries to suggest.

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