Nick Clegg calls on Government to guarantee all bank deposits

From Nick Clegg’s website:

Liberal Democrat Leader Nick Clegg today called for the Government to issue a temporary guarantee for all deposits in the British banking system:

We are now in the eye of an economic storm. We have seen the dreadful effects of the bonus culture in the City that has led banks to take unacceptable risks for short-term gain ahead of long-term stability.

If we are going to reverse the greedy banking culture that went on for too long, we need to start at the top. This means an end to all bonuses for boards of directors in British banks that do so much to fuel short-term speculation. Giving them salaries, if necessary very generous ones, will create fewer risks in the future.

The financial system urgently requires some breathing space. British people need total reassurance that their savings are safe.