Balls: No progress over bankers’ bonuses

New shadow chancellor Ed Balls comments on the government’s lack of progress in securing a deal to get banks lending again:

“At this critical time for our economy and for the prospects of a strong recovery, the banks should be playing their part in supporting small and medium sized businesses. But the Conservative-led government has had eight wasted months of inaction and – despite all the promises – there’s still no sign of an agreement.

“This is typical of a Conservative party which has not been on the case with the banks since it took office and opposed tougher regulation throughout the last decade before the global financial hit.

“What people want to see with the banks is some action. The government should get on with forcing banks to reveal who gets million pound bonuses and should stop their plan to give the banks a tax cut this year.”