Tuesday, March 24 2009
David Cameron set out our strategy to reform financial regulation in a speech in London today.
He explained that proper regulation is essential in order to restore financial confidence and ensure there is a lasting economic recovery.
And he stressed that introducing "capitalism with a conscience" was a task for the modern Conservative Party:
"We are the party of law and order, so we are the party to bring law and order to the financial markets. We are the party of social responsibility, so we are the party to bring social responsibility to the financial markets."
David said that regulation was "vital" to ensure the markets work properly, but warned "it's got to be the right regulation, applied in the right way to the right situation."
He explained our approach would be to "cut regulation where the problem is too much of it" - like the red tape that is strangling small business - and "reform it where the problem is the wrong kind" - like the failed system of financial regulation.
He promised to restore the Bank of England to its role in calling time on debt in the economy - and outlined the differences between our approach and that of Labour:
"Their idea of regulation is a list of rules that look good on paper. We're concerned with what works in practice. They think it's about the right bureaucratic process. We think it's about the right experience and judgement. For us, it's about the right institution, the right authority and the right discretion."
Read David's speech in full.
Promoted by Alan Mabbutt on behalf of the Conservative Party, both at 30 Millbank, London, SW1P 4DP