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Lib Dems slam profit making banks

The Liberal Democrat party has attacked Tony Blair and Gordon Brown for mortgaging Britains future and for allowing banks to make excessive profits.

In a speech to the Liberal Democrat spring conference, shadow chancellor Vince Cable said: High street banks would argue that they provide their customers with value for money.

“But it is quite unforgivable for them to bolster their profits with illegal charges and then threaten that if any action is taken against them they will penalise customers by charging for current accounts.

Ever since Gordon Brown bottled out of a confrontation, the banks have been running rings around him while ripping off their customers.

“It is time Brown started sticking up for consumers.

Despite Gordon Browns claim to have abolished cycles of boom and bust, he is likely to be as effective as King Canute in stopping the ebb and flow of the tides.

The combined legacy of Blair and Brown has been to preside over the mortgaging of Britains economic future both in the public and private sectors.

“Our task is to show how financial discipline can be restored in a way that also rebuilds peoples faith in fairness and equality of opportunity.”

Cable proposes the Lib Dems should pay for tax cuts by raising taxes on environmental pollution.

However he warns that in promoting its green tax switch message the party must not lose sight of the fairness agenda.

For that reason, he also proposes to tax extremes of wealth.

Cable adds: I am determined that the Liberal Democrats shall have a strong message of support, through tax cuts, for those of modest means who are being dragged into Inheritance Tax and higher rate Stamp Duty; and ensure that these tax cuts are paid for by the very wealthy.

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