Scotland needs active banks to get the economy moving forwards: Scott

Commenting on a report from the UK Parliament Treasury Select Committee that says improvements must be made to retail banking to make it fairer and more transparent for people and businesses alike, Scottish Liberal Democrat Leader Tavish Scott said:

“People and businesses across Scotland are worse off today because of the meltdown in banking. This report shows higher bank charges, less competition and increasing costs to business. So banking isn't working in the interests of the Scottish economy.

“That's why we are proposing regional development banks. They would get money to Scotland's small businesses. Its why the UK Banking Commission must advocate big changes to banks, when they report later this month.

“Banks are still too big to fail, so the taxpayer is utterly exposed to another collapse. That cannot be allowed to continue. We need a retail and business bank, headquartered in Scotland, helping to drive growth and the creation of jobs.

“This mess sits firmly with successive Tory and Labour Government's who pushed de-regulation, a light touch approach to banking and an economic policy based on foolish lending and ever higher house prices. We cannot allow that policy to happen again.

“Scotland needs active banks working to move our economy forwards.”