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Osborne points the finger at bankers

Shadow Chancellor George Osborne told bankers today that they must bear the cost of risks that have gone bad.

Speaking at the Conservative party conference in Birmingham today, Osborne said while the regulators are partly to blame, it is the bankers themselves who should shoulder the responsibility for banking failures.

He said: “If you pay yourself sums far beyond what anyone else does in any other walk of life, then be prepared to lose it when you make mistakes. We will do what it takes to preserve the stability of the financial system and protect the deposits of ordinary savers.”

Osborne also slammed the Government for its handling of Bradford & Bingley.
He said: “For a year the government knew there was a problem at Bradford and Bingley. For a year they could have put in place the solution. For a year they dithered and delayed. And once again it’s the taxpayer who in the last resort is left carrying the can.”

Osborne said if elected the Conservatives would set up a new independent Office for Budget Responsibility, to hold the Government accountable for its financial actions.


Winners and losers

Christmas is still some way away but for Lloyds TSB it came 12 weeks early this year and CEO Eric Daniels must still be pinching himself about the $12bn deal. Whether preliminary discussions began six weeks ago or not, what is not in doubt is that Lloyds emerges from this as a credit crunch winner and regrettably some HBOS staff may emerge as blameless victims.


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