Campaign Day 9 - Brown's Apology Over Banks Doesn't Go Far Enough

Yet another gloriously sunny day in North Durham today. Very positive canvassing, interrupted only by some top class food in Ashley Tea Rooms at lunchtime and some very competitive games of pool later on in the afternoon. People remain very eager for change.

Today's admission by Gordon Brown that he has made mistakes over the regulation of bankers is welcome but all too late. Brown's mistakes and lack of banking regulation meant that reckless bankers brought the economy to its knees. Under Brown, nationalised and part-nationalised banks have continued paying outrageous bonuses and have failed to meet their obligation to lend to small and medium sized businesses.

Words from Gordon Brown are not enough. Gordon Brown spent 13 years cosying up to the banks and allowing our economy to become terribly unbalanced in favour of financial services. His lack of regulation created the conditions for the banking crisis. In the same time, we have seen over 95,000 manufacturing jobs lost in our region alone and the economic gap between the North East and other regions has grown.

We need a levy on the banks and international agreement on a global levy on the banks. We need bold leadership over financial regulation and bold leadership to get the back for taxpayers every penny we put in to rescue the banking sector.

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