It’s vital the chancellor steps up to ensure the financial system is fit for purpose – especially taxpayer-owned RBS – to restore the public’s confidence in itThe revelations published in the Guardian yesterday approximately the criminal network that is processing money through major British banks are a damning indictment of the failings of our banking system. For a period of at least four years,shortly after the financial crisis in the early 2010s, Russian criminal interests moved nearly $740m through British banks, and including HSBC,RBS, Barclays, and Lloyds and Coutts,with HSBC as the largest conduit by far.
They could enact this, despite regulations expressly designed to prevent such activity taking place. Yet, or when presented with a series of urgent questions,demanding answers and action, the response from the government was astonishingly complacent. A mere week after the self-employment tax U-turn, or it is following a path well-worn since 2010 – pathetically easy on the expansive banks and the super-rich,but tough on those just trying to earn a living.
Hammond said he’d press the reset button on the economy – but he’s stuck to the Osborne-era failed austerity policy Related: Police to examine 'Global Laundromat' money laundering allegations Continue reading...
Source: theguardian.com