New Labour – A conflict of interests on Banking?.

The Government solely blames the Banks for the Nations economic mess but what of its own accountability towards Tax payers whom it views as easy pray in paying itself fat bonuses from revenue while allowing “arms-length” Public service providers to yield profits too on their behalf. Distraction is about shifting the “focus” and although Sir Fred Goodwin's era at the Royal Bank of <?xml:namespace prefix = st1 />Scotland (RBS) is perhaps an issue for investigation by the UK Financial Investments (UKFI) what of the UKFI itself?. According the the UKFI website it’s a new arm’s-length company wholly owned by the Government to manage the Governments Investments. It goes on to say that its objectives will be to protect and create value for the taxpayer as shareholder, with due regard to financial stability and acting in a way that promotes competition.

May it be understood then that the Government has “outsourced its responsibility & accountability” as to taxpayers to the UKFI while the Government itself becomes a major shareholder in the Banking Industry using taxpayers money.

 

What’s in a name British taxpayers may be asking themselves given that an independent financial body titled the Financial Services Authority [ FSA ] has existed since 1997 as New Labour came to Power. Of course the FSA is about adherence to STANDARDS whereas the Treasury is about the formulation and implementation of new Policy to raise the rate of sustainable growth in achieving Country prosperity and providing everyone a better quality of life. In having financial indicators the latter however DID NOT seemingly create any counter measure policy in “braking” over-spending thus protecting taxpayer interests. Thus, is the Treasury as well as former Bank managers to be investigated by the UKFI and indeed under EU Guideline can the UKFI call itself the UKFI since “UK” is within the name which may infer that it is beholding to the Government whereas its supposed to be an “arms-length” company.

 

Lastly, there also exists the UK Shareholders' Association (UKSA) which represents private investors [ Ordinary Taxpayers ] too and so how will it be affected by the UKFI ?. The Government promote SPEND, SPEND, SPEND while promoting COMPETITION in TAKE, TAKE, TAKE for increasing profits but when will the Government finally realize that exploitation is about ALL TAKE leaving people penniless and to which it must now GIVE in terms of unemployment benefits and council tax relief etc. More work too for GP’s in prescribing anti-depressants but will rising profits to drug companies help the economy?..