Government policy on banks branded "failure" . . . Bank of England "dithering"
The Government's policy towards the banks has been branded "a failure" today as more bad economic news floods the media - from falling stock markets to rising repossessions.
John McDonnell MP, LEAP Chair, said:
"Despite all Government attempts to stimulate the economy, all the evidence points to failure. The billions in bailouts have done little to increase lending, and we are witnessing a startling rise in home repossessions.
"The Government now needs to be more forthright and move towards the full nationalisation of the banking sector to be run in the interests of the British people.
"We can't afford any more dithering by the Bank of England. We need an immediate and substantial cut in interest rates. It is now time for the Government to take back control from the dithering Bank of England."