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Member of Parliament for Bradford East@DavidWardMP on Twitter and Facebook |
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David Ward MP <>
Clegg and Cable visit Bradford manufacturing
April 13, 2010 7:49 PM
The Liberal Democrats will support businesses let down by Labour's failure to reform the banking system
Liberal Democrat leader Nick Clegg and Treasury spokesman Vince Cable visited Bradford East today to support local champion David Ward and visit a manufacturing company badly let down by the banks.
The Lib Dem Battle Bus rolled into Bradford to hear the plight of Printing Roller Services in Caledonia Street, a six-man firm that refurbishes parts for printing machinery, which could not get a bank loan to invest in new machinery.
Despite the recession and subsequent nationalisation Labour has failed to reform the banking system, leaving viable businessmen such as Lee Patterson adrift while bankers still pocket massive bonuses.
While in Bradford Nick Clegg unveiled tough new plans to ban loss-making banks from paying discretionary bonuses.
He said: "Bankers must understand that after the billions pumped into the banking sector, there can be no financial or moral justifications for the obscene bonuses which are still being paid out.
"That is why we are unveiling five key proposals to bring the bonus culture in banking under control. There must never again be rewards for failure. It's simple: if you're not making money, you shouldn't have a bonus. That's just common sense."