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Press Release

Unite issues warning to Chancellor ahead of Mansion House speech

16 June 2010

Ahead of the Chancellor's Mansion House speech on financial regulation tonight (Wednesday 16th) the union which represents staff in the sector has warned that simply breaking up the banks will not prevent a future financial crisis.

Rob MacGregor, Unite national officer said: "Instead of rhetoric about another banking review the Chancellor must take action to reform this vital sector of our economy to ensure it is diverse and fit for purpose.

"Statements by George Osborne about breaking up the banks will not give consumers the radical root and branch reform of the financial services that they need to see. As well as the reform of the FSA, which has long been discredited as too close to the industry it seeks to regulate, it is also is vital that the aggressive sales culture of the banks is overhauled.

"The million people employed in this sector, in branches and call centres across the country, must have their jobs protected and any reform must promote further growth of this vital industry."



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