Downing Street Says

» Monday, February 23, 2009

Economy

Asked if it was still the Prime Minister s position that nationalised and part-nationalised banks should be run at arms length, the PMS confirmed that that was the position. We believed that banks should operate in a commercial way in the private sector. We also needed to make sure that the taxpayer s interests were protected.

Put that there had been announcements on bonuses at one bank and lending at another, the PMS said that these were decisions taken by the boards of the banks themselves. There was a lot of public concern about this and of course it was right that the taxpayer s interests as a major shareholder in these institutions was protected.

Asked whether the Bradford and Bingley might expand its lending in the same way Northern Rock had, the PMS said that people should check with the Treasury on where we were with the Bradford and Bingley, but he would not anticipate any announcements from them on that matter in the near future.

Asked whether the Prime Minister was concerned that there might be a summer of discontent, the PMS said that the Prime Minister s view on this was that of course he understood peoples concerns and he also understood that people were angry for example, about the behaviour of some of the banks and that was why he was determined that the Government did everything possible to deal with and address those concerns and help people and businesses get through what was a global recession.

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Economy

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