The Prime Minister has spent the day in the Midlands with visits to Corus steelworks, Corby Business Academy and the new Ericsson HQ under construction in Coventry.
Mr Brown also stopped at Coventry University to hold a Q&A session with members of the public, students and business people on the subject of the economy and the Government’s plans for dealing with the recession. He reiterated the Government’s determination to reform the banking system and the “reward for failure” bonus culture.
The PM said:
“There should be no bonuses for short-term deals. We should bring in the regulator to say that if you try to do this we will mark you down as banks and not allow you to trade in the way that you want to trade.
“We are creating a system for the future that is based on long-term performance not short-term rewards.”
Speaking earlier to workers at the Corus steelworks, the PM said that bank lending had siezed up “like a power cut” and that the Government had done the right thing by stepping in and saving failed institutions from collapsing.
seen at 08:11, 14 February in Number 10 ยป News Stories.