David Cameron speech at CBI
David Cameron speech at CBI; For a start, savers need the reassurance that if another bank goes bust, their hard-earned cash is protected
So the Government should act now - before the parliamentary recess - to protect the first £50,000 for each saver in the event of their bank collapsing
There's nothing stopping them - they will have our full support
They just need to do it
What's more, last autumn, we called for a Special Resolution Scheme to rescue failing banks
The Government is now acting
But let's be clear
I applaud the FSA's frank assessment of its role in the run up to Northern Rock...
…but most bank failures follow some degree of regulatory failure
So the regulator cannot alone pull the trigger on a bank rescue
Instead, the Bank of England must play the central role in rescuing banks
That's the system they have in America - where the Fed saved Bear Stearns over a weekend
We need that sort of leadership here
Next, we must help families with their finances and the rocketing cost of living
Of course, many of the problems families face come from abroad
A global food crunch is hitting people at the checkouts
And the rising cost of oil and gas is hitting people at the pumps and whenever they pay their electricity bills
But let's also remember this
One of the biggest demands on people's money doesn't come from some far-flung offenders - it comes from government
It comes from the never-ending demand for taxation - from council tax to income tax, VAT to road tax, tax on drink to tax on petrol
So I'm not going to stand here and say I can wave a magic wand to bring food prices and gas prices down
But what I can say is that a Conservative Government will not make the cost of living worse
That's why we have campaigned so hard - and will continue to campaign so hard - to get this Government to reverse their decision to impose a retrospective tax on cars bought seven years ago
It's why we will give ...





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Date created:
July 14, 2008
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