Bankers need to serve society, says Ed Miliband

Published on Saturday 4 February 2012 02:47

ED MILIBAND has warned bankers that they must wave goodbye to their culture of “excessive” bonuses and reconnect with the rest of the country.

In a speech in London’s Canary Wharf financial district yesterday, the Labour leader urged a return to “one-nation banking” which would serve the wider economy and society.

Mr Miliband told the bankers in his audience that they needed to reflect “the values of Britain”.

He said: “We cannot have a banking sector so divorced from the rest of the economy and the rest of society. We succeed or fail together. It is not about the politics of envy, it is about a culture of responsibility.

“We need what you might call ‘one-nation banking’. We need banks that serve the real economy. We need banking serving every region, every sector, every business, every family in this country. And we need banks run in a way that people believe are consistent with their values – the values of Britain.”

He added: “Responsibility means ending the culture of excessive bonuses.”

Mr Miliband warned of a return to “two nations”, the description of 19th-century Britain used by Conservative PM Benjamin Disraeli.

The banking and financial sector was on a path of “gradual separation from the rest of society”, he said.

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8

Willie Boy

Sunday, February 5, 2012 at 10:43 AM

What a windbag is our Ed. Does he not realise that it was his Party ( aka Blair , Brown, and Mandelson) who over 13 years allowed the banks to serve us so well. And what about Blair's multi million pound consultancies with banks after leaving office. Milliband has obviously just landed from Mars.

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raibeartboid

Saturday, February 4, 2012 at 03:05 PM

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6

korky

Saturday, February 4, 2012 at 02:02 PM

Milly does the talk but not the action.

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Mercutio

Saturday, February 4, 2012 at 12:38 PM

#4voteyes:"As bland a statement as the man himself" Millbland?

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VOTE YES

Saturday, February 4, 2012 at 11:33 AM

"""""""""Bankers need to serve society, says Ed Miliband """"""""""" As bland a statement as the man himself

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New Unionism

Saturday, February 4, 2012 at 11:21 AM

And politicians need to stop serving the City and start serving the people who vote for them. Civilised societies are judged not by how well they take care of the rich but how they look after the poorest.

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New Unionism

Saturday, February 4, 2012 at 11:00 AM

The values of Britian? What like greed, class, nepotism? Vote YES to have a fairer society

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New Unionism

Saturday, February 4, 2012 at 10:55 AM

A bot too late as usual ED. No one believes the Labour party anymore. 13 years and you made us poorer, lied to us and stole from the public purse. Goodbye

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