17 JAN 2018

Banking regulators let down the people of Dover and Deal

I have blasted banking regulators for never saying sorry to Dover and Deal people affected by the financial crash. Hundreds of Dovorians lost their jobs, scores of businesses closed and local taxpayers lost £51 million invested in Icelandic banks.

In a Treasury Select Committee hearing I grilled Sam Woods, Deputy Governor of the Prudential Regulation Authority.

I told him: "The person on the street feels very strongly that the banks behaved irresponsibly in the run up to the 2008 crisis.

"They feel that they have paid to bail out the banks, no-one has said sorry and they are concerned that they want to reopen the casino and set up roulette wheels once again.

"I put it to you, you're meant to be the bouncer of the casino not the croupier."

Mr Woods responded: "Absolutely people have the right to feel outraged about what went wrong before the crisis.

"Frankly a significant motivation for me being in this line of work is to try and avoid us being in that position again.

"The amount of taxpayer funding involved was pretty extraordinary."

I told banking regulators we haven't forgiven them. Ten years on we are still suffering from that massive bailout. Families across Dover and Deal were affected. Unemployment spiked and investment dried up.

There has been progress since – a 7% pay rise since 2015 for the least well-off, income inequality at its lowest for 30 years, Labour's debt two thirds down. Locally £400 million has been invested since 2010 and unemployment has halved.

But we must keep going. We must work harder to put more money in people's pockets. And not – as Labour recklessly suggest – by borrowing billions more.

1 comment

Well done Charlie, A recurrence of this financial disaster would be devastating for us all. Keeping the pressure on these sorts of influential people means they know they are being watched and therefore might think twice in their policy making decisions. Keep up the good work!
- Les Morton

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Charlie Elphicke

Here you can read about local news matters and what I've been up to. You can make comments too. I'd welcome your feedback, so please do feel free to comment!