Mandelson wants banks to be given a break

There is no doubt that banks have been given a hard time of late, both by consumers and by politicians, and they have been slated for irresponsible lending, huge bonuses for executives, and more. However, Business Secretary, Lord Mandelson, has now decided that it is time to cut the banks a break.

Mandelson said that it was important that banks succeeded for the sake of the economy, and said that they had received a well deserved bloody nose but that people should now go easy on them. Even the Prime Minister, Gordon Brown, has slated the banks and blamed them for much of the financial crisis that the nation is in, although he has not apologised for the government’s part in the crisis, according to reports.

Lord Mandelson said: ‘The banks have received a well deserved bloody nose from public opinion and government, and given the impact on business and jobs I’m hardly one to sympathise. Stronger regulation requires more transparency, less complexity, fewer big bonuses and better corporate governance.’

He added: ‘But as this framework falls into place, and given the new generation of executives, banks need the space and time to get on with their work. That’s not simple but it’s the key to getting us out of the hole they have put us in.’