Ed Miliband will this morning talk about how banking can work for the people, in a speech at Canary Wharf.
He is expected to discuss a "new era of responsibility", suggesting that if the banking industry "continues on its current path" it risks becoming "further isolated" and provoking "public anger".
"This is not about one man, one bonus or one knighthood," he is expected to say. "Nor is this about the politics of envy.
"It is about a culture of responsibility. Labour has set out the case for new rules to tackle irresponsibility from the benefits office to the boardroom. Values of fairness matter more than ever when times are tough...
"This is a call on banking to recognise it has reached a crossroads. This is a call on banking to recognise that it should take the path of change. To recognise that we succeed or fail together...
"One nation banking recognises that these institutions cannot be isolated from the rest of society - that we are once again at risk of becoming two nations in this country, segregated economically, geographically and socially.
"This is not the kind of society in which I want to raise my children. And it is not the kind of society in which the vast majority of people in this country, including bankers, want to raise theirs."
Earlier this week, we had David Cameron quoting Tony Blair at PMQs. Now we have Ed Miliband borrowing from the idea of "one nation Conservativism", traditionally a Tory grouping who prioritise social justice and equality as much as economic freedom.
Next we can expect Vince Cable on Reaganomics... or something like that.
Comments
Clr Ralph baldwin / February 03 2012 3:12pm
It just gets worse and worse lol, the PLP are just so embarressing.
Indra / March 07 2012 11:28am
The big battle for Labour if the party can bring esitlf to address it will be to rest power back from corporations. We're all familiar with the rising number of companies amongst the worlds largest economies. But the real implication of this shift is that, unlike nation states, these economies are not accountable to anyone except their shareholders. Not accountable for their economic impact, not accountable for their social impact and not accountable for their environmental impact. They are not democracies and they do not observe a social contract. And as the ongoing News International scandal illustrates, some have even come to consider themselves above the laws of the countries in which they operate.Just as the defining challenge for the Thatcher government was to bring the Trades Unions to heel, so I would suggest that for a Milliband, Blue Labour' administration will be to curb corporate power. It will be a bloody and painful battle, but it is essential if democracy in Britain is to mean anything. After all, what difference does the right to elect a government mean when we are all increasingly dependent on unelected, private sector organisations for our quality of life? We may have legislation to determine a minimum wage, maternity and paternity leave, pension rights and so forth but does any of this mean anything when the private sector has so externalised their costs that we all end up as freelancers on short-term contracts?
Indra / March 07 2012 11:29am
The big battle for Labour if the party can bring esitlf to address it will be to rest power back from corporations. We're all familiar with the rising number of companies amongst the worlds largest economies. But the real implication of this shift is that, unlike nation states, these economies are not accountable to anyone except their shareholders. Not accountable for their economic impact, not accountable for their social impact and not accountable for their environmental impact. They are not democracies and they do not observe a social contract. And as the ongoing News International scandal illustrates, some have even come to consider themselves above the laws of the countries in which they operate.Just as the defining challenge for the Thatcher government was to bring the Trades Unions to heel, so I would suggest that for a Milliband, Blue Labour' administration will be to curb corporate power. It will be a bloody and painful battle, but it is essential if democracy in Britain is to mean anything. After all, what difference does the right to elect a government mean when we are all increasingly dependent on unelected, private sector organisations for our quality of life? We may have legislation to determine a minimum wage, maternity and paternity leave, pension rights and so forth but does any of this mean anything when the private sector has so externalised their costs that we all end up as freelancers on short-term contracts?