Responding to the recent scandals in the finance industry – including the failures of London Capital & Finance and Woodford Equity Income Fund – Labour has announced that it will launch a public inquiry into the finance industry in government.
This twelve-month public inquiry will put the facts on the table, put immoral and unlawful practices out in the open, and make clear what needs to change for finance to serve people.
Labour’s Shadow Chancellor John McDonnell MP said:
“We’ve seen scandal after scandal in the finance industry since the crash, whether it’s the failure of Woodford Equity Income Fund, the collapse of LC&F, or the HBOS fraud. We need to, and will, get to the bottom of this.
“A Labour Government will launch a public inquiry into misconduct in the finance industry to reveal and root out corruption.
“We need to put the facts on the table, get immoral and unlawful practices out in the open, and make clear what needs to change for finance to serve people and the wider economy.
“If this Government really had the people’s interests at heart – and if it wanted to show that it was not a Government of bankers, for the bankers – it would announce an inquiry into the finance industry immediately.”
West Lancashire MP Rosie Cooper has said that:
“People in West Lancashire are still paying the price for a financial crisis they did not create, enduring cuts to public services, wage stagnation and falling living standards.
“It is time to put an end to predatory financial practices, the enabling of fraud by lawyers and accountants and advisors, and shoddy regulation.
“This is why Labour has announced that it will launch a public inquiry into the finance industry in government.”