Liberal Democratic Party: Bank boards to be sacked if they fail to meet lending targets

"It adds insult to injury that banks keep promising to lend money to businesses and households only to break those promises," the Liberal Democrat Leader, Nick Clegg said.

Nick Clegg today pledged to dismiss the Boards of Directors of Lloyds and RBS if they fail to meet lending targets in the next year.

Commenting, he said:

“It’s an outrage that banks have taken billions from taxpayers to bail them out of the consequences of their greed and are now hoarding that money instead of lending it.

“It adds insult to injury that banks keep promising to lend money to businesses and households only to break those promises.

“It’s time to force the banks to help those who helped them – the millions of taxpayers who bailed them out.

“That’s why I believe the boards of those banks have to be held directly responsible for meeting their lending targets. If they break their promises they should lose their jobs.”