I want to start by thanking the Treasury Team: Peter Dowd, Shadow Chief Secretary, Jonathan Reynolds, Annaliese Dodds, Clive Lewis, Lynne Brown, Lord Dennis Tunnicliffe, Lord Bryan Davies and PPS Thelma Walker who won back Colne Valley from the Tories last year.
This month is the 10th anniversary of the financial crash. J.K.Galbraith in his book on the 1929 crash said sure you can try to create institutions to avoid crashes in the future but the best protection is memory. So it’s worth remembering. The causes of the crash were:
Yes, greed; yes, the deregulation that turned the City into a multibillion pound casino, but more importantly it was caused by the power of a small, financial elite who exercised too much power over our political system.
That power meant the bankers and speculators who caused the crisis wouldn’t be the ones who’d pay for it. It would be our families, working people, our businesses, our young people and especially the most vulnerable in our society.
It’s been 8 hard years of austerity and economic failure.
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