- Cymraeg
- English
 |
Peter Black and South Wales West Liberal DemocratsRepresenting Aberavon, Bridgend, Gower, Neath, Ogmore, Port Talbot, and Swansea |
 |
Labour 'complicit in reckless lending' says AM
October 22, 2007 12:00 AM
The Welsh Liberal Democrat Spokesperson for Communities, Housing and Social Justice, Peter Black, has strongly criticised Labour in Westminster for their inaction over irresponsible lending by building societies and banks.
Mr Black was speaking in the light of comments made last week by the Chancellor, Alistair Darling. Mr Black said:
"Last week, the Chancellor was busy reprimanding irresponsible mortgage lenders for fuelling an 'unsustainable' boom in house prices, saying that they must be more careful over how much cash they loan to would-be buyers.
"Can it be that Mr Darling has at last woken up to the fact that his predecessor had overseen an unsustainable ballooning of credit in this country that has left many facing eye-watering levels of personal debt secured on over-priced houses.
"The government has been complicit in reckless lending and toxic mortgages by using taxpayers' money to underwrite Northern Rock and taking no action to change its structures, and by allowing irresponsible lending practices to continue elsewhere in the sector.
"It is quite clear that the banks themselves will do nothing voluntarily to reduce the good living that they make out of the debt they have foisted upon their customers."
What would you like to do next?
-
Subscribe for updates
Follow the party's activity on...
- Twitter:
- Liberal Democrats
- Facebook:
- Liberal Democrats
- YouTube:
- Liberal Democrats