How Many Conservative MP’s are Former Bankers?
In all of the discussion, debate and marketing of “It isn’t our fault, look what we inherited” Westminster talk there is one area which should cause everyone concern.
I think by now everyone agrees that the worldwide economic crisis was caused by an uncontrolled Global banking system by those working at the highest levels within the banking and financial sector who gambled with taxpayers money and whole countries’ economies whilst making huge personal profits themselves.
It is understandable and has been said that all parties agree that while it wasn’t the Governments who were directly responsible but the banks it happened on Labours watch and to their credit they have acknowledged it.
Interestingly the Coalition Government don’t accept responsibility for the increase in the National Debt to over £1 trillion or the interest on the debt rising to over £145 million a day on their watch – that of course is also the “bankers fault!!!!” and absolutely nothing to do with the Conservatives and Liberal Democrats!!
So the question is this,
How can we trust that the Members of Parliament, who prior to 2010 gained their wealth in the very sector that landed us in the mess we now find ourselves, know how to solve the problem?
It is noticeable that of the of the intake of new Conservative Members of Parliament who arrived in Westminster on the back of the banking crisis one in ten of them had worked in the financial services sector from investment banking to fund management amongst who is of course one of Northampton’s MP’s Andrea Leadsom and her former colleagues at Barclays Stephen Barclay and Jessie Norman.
Add Alun Cairns, Harriett Baldwin, Sam Gyima, Richard Graham, Mark Garnier and others to those who retained their Parliamentary seats and it means that out of the 305 Conservative MPs 70 of them have or are employed in finance or banking.
In fact there are more Conservative MPs who worked in the financial and banking sector than there are Liberal Democrat MP’s, and of course all parties have MP’s who worked in the sector.
It would of course be unreasonable to blame them all individually, and when you talk to them it is something they are eager to stress, (I worked in another department, I was only following orders) for the UK banking crisis but many worked at the highest level of the sector and alongside those who were taking what we now know were unreasonable if not downright incompetent risks with other people’s money and as such will have known when accepting their huge bonuses that the wealth was built on foundations of shifting sands.
So back to the question,
How can we now trust that those who got us in this mess have the capability to get us out of it and isn’t it a bit rich that many of them who are telling everyone austerity is the only answer are those who will benefit from the lowering of the 50p to 45p higher tax in order as the Government says to encourage them.
This begs another question.
Given their record of banking and investment management do we really want to be encouraging them?