October 2008
Many constituents have spoken to me about their deep concerns about the world financial crisis and how this affects their jobs, pensions and mortgages. I hope they were reassured as I was by recent statements by our Prime Minister and our Chancellor. In recent weeks, some in the media have criticised Gordon Brown for apparently lacking 'charisma'. What we need today is not 'celebrity' but serious policies from serious politicians because we live in very serious times.
Those who have caused this global crisis, particularly those who have been given excessive bonuses and taken irresponsible risks are already being dealt with. Our top priority now is to stabilise banking systems by taking global action in order to protect our economy.
The Chancellor said on 8th October 'my proposals today…will protect depositors, safeguard the interest of the tax payer, and play an important part on the international response to this global crisis'. The Government's decision to establish a Recapitalisation Fund and the extension of the Special Liquidity scheme to allow the major banks to access substantial funds is in effect, according to some observers, partial nationalisation of the banking system.
This decisive Government action, along with the Bank of England's reduction in interest rates, follows on the successful nationalisation of Northern Rock and the partial nationalisation of Bradford and Bingley. The Government has taken these actions in order to ensure that banks are on a strong footing, making them better able to deal with the future and more willing to lend to people, families and businesses. I was also re-assured by the Government's decisive action over the Icelandic freezing of our councils' investments.
Whilst it is right to condemn those who behaved irresponsibly in the banking system, we often overlook those who suffer most in our society as a consequence of their actions. That is why I was delighted to be present at the Parliamentary launch of 'Coming of Age' the first report of the Older People's Commissioner for Wales, Ruth Marks.
The Welsh Assembly Government is to be congratulated on this important development, creating an independent champion for older people: I know she will campaign on such major issues as fuel poverty. I have invited Ruth Marks to the locality and I hope she will be a speaker at an event which I will help organise.
Back in the Constituency I was very pleased to speak recently at the launch of Corus' Carers Strategy. I hope they will be the first of many local companies adopting positive policies for those of their employees who are carers.
Finally, I paid a visit last week to Barbara Phillips on her outstanding service to Oxfam in Port Talbot. Well done, Barbara!
