Fallon: Labour failed on bank regulation

Tory deputy chairman Michael Fallon comments on Labour’s record on bank regulation and the party’s new shadow chancellor, Ed Balls:

“Labour are in a spin on bankers bonuses. Their one-off bonus tax would raise far less than the bank levy which we’ve put in place permanently – something they refused to do when they were in government.

“Ed Miliband and Douglas Alexander can complain all they like about Labour’s terrible record on banks, but Ed Balls, the man responsible for 13 years of regulatory failure, is now back in charge of their economic policy.”