Union urges City regulations review

12 April 2012

Britain's biggest trade union pressed the Government to review the activities of financial institutions amid continuing fears of job losses following the takeover of HBOS by Lloyds TSB.

Unite tabled an emergency motion at the Labour Party conference in Manchester urging a thorough review of regulations to ensure that the current crisis was brought to a close as quickly as possible.

The motion, expected to be debated at the conference on Monday, reads: "The complexity, secrecy and global distribution of investment banking is at the heart of the credit crisis and will undoubtedly prolong it."

The union said it welcomed the Government's actions on cracking down on stock market speculators but said the takeover of HBOS had laid bare the human cost of the credit crisis.

Thousands of workers at both banks faced an uncertain future, said the union which is demanding urgent talks with company executives about future job security.

Derek Simpson, joint leader of Unite, said: "This crisis has a real human cost with thousands of hard-working families at risk of losing their homes.

"The big city bankers have been exposed - they are not the masters of the universe, they are the masters of disaster.

"HBOS and Lloyds TSB must engage with the unions immediately and reassure staff that they will do everything possible to protect jobs."

Mr Simpson said the Government should consider intervening to save the jobs of finance workers.

Mr Simpson has written to Eric Daniels and Andy Hornby, the chief executives of Lloyds TSB and HBOS seeking an urgent meeting to discuss jobs.

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