Conservative Government Would Not Bail Out Banks
29/09/2008
Shadow Chancellor George Osborne is to tell bankers they would not be bailed out under a future Conservative government. Due to speak today at the Conservative party conference in Birmingham, Osbourne is expected to say: "I will not tax the family earning 20,000 pounds to carry on paying the bonuses of the banker earning 2 million pounds."
Osbourne's speech comes hours after the government announced it was to nationalise parts of Bradford and Bingley. The Shadow Chancellor is critical of the move, just as he was of the Northern Rock rescue in February.
Keen to re-assure voters that a Conservative government would not be soft on the City, Osbourne is expected to say that bankers must be held responsible for the consequences of the risks they choose to take. Extracts of the speech released in advance quote Mr. Osborne as saying: "If you pay yourself sums far beyond what anyone else in any other walk of life does, then be prepared to lose it when you make mistakes."
Osborne and party leader David Cameron are aiming to distance themselves from Brown's description of them as "novices," without the experience to handle financial turmoil. The Conservatives have said that, if elected, they will bind themselves to strict deficit reduction rules and give the Bank of England greater power to monitor debt.
Osbourne's speech comes hours after the government announced it was to nationalise parts of Bradford and Bingley. The Shadow Chancellor is critical of the move, just as he was of the Northern Rock rescue in February.
Keen to re-assure voters that a Conservative government would not be soft on the City, Osbourne is expected to say that bankers must be held responsible for the consequences of the risks they choose to take. Extracts of the speech released in advance quote Mr. Osborne as saying: "If you pay yourself sums far beyond what anyone else in any other walk of life does, then be prepared to lose it when you make mistakes."
Osborne and party leader David Cameron are aiming to distance themselves from Brown's description of them as "novices," without the experience to handle financial turmoil. The Conservatives have said that, if elected, they will bind themselves to strict deficit reduction rules and give the Bank of England greater power to monitor debt.
