Hot on the heels of the Tories lifting the cap on bankers’ bonuses - a Liz Truss policy continued by new Prime Minister Rishi Sunak - the UK government intends to remove rules introduced to protect savers and the taxpayer after the 2008 financial crash.
These include removing regulations that hold senior managers personally and financially responsible for problems that occur on their watch as well as ring-fencing rules intended to protect customers.
Commenting, SNP MSP Kenneth Gibson said:
"It’s astonishing the Tory Chancellor is focussed on dishing out yet another boost to wealthy bankers whilst continuing to let down struggling households.
"Removing banking regulations - designed to protect savers and taxpayers - was never a so-called benefits of Brexit the Tories promised us, nor was it plastered over the side of a bus.
“It risks repeating the catastrophic 2008 financial crash, which led to crippling austerity for millions of UK households under successive Labour, Coalition and Tory UK governments.
"It's abundantly clear that the Tories cannot be trusted with the economy. It was just over two months ago that they plunged the UK into crisis when they announced tax cuts for the wealthy, paid for by borrowing.
“Everyone else was left to pick up the bill for Tory economic incompetence then and will be left to pay the price again for this reckless ripping up of regulations now.”
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