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Westminster News from Paul Waugh
The Waugh Room
News, gossip and insight from PoliticsHome Editor Paul Waugh
Wednesday 8th February 2012 | 16:14
Labour's banker?
Is this the day that Labour decides bankers aren't such a bad thing after all?
First we had a LabourUncut blog praising financial services, now it looks like Labour MPs are wining and dining the City's knights of the realm.
John Woodcock, Labour's shadow transport minister and a former aide to Gordon Brown, was spotted having lunch in the Churchill Room with none other than Sir Victor Blank, my spies tell me.
Sir Victor, the man who Gordo allegedly persuaded to create Lloyds Banking Group by merging Lloyds TSB and HBOS, has faced calls in recent days to have his honour stripped in the manner of Fred Goodwin.
Some Tory MPs and a Lloyds investor group want the Blank knighthood to be, er, blanked out. (Well before the recent furore, Peter Oborne was also scathing about Blank)
This has caused some unease among some in the City who think that the witchunt has gone too far and who say Blank is the kind of successful businessman that every Government should be supporting.
When I ring Woodcock to check this tip, he is unabashed about, indeed proud of, his hobnobbing with Sir Victor. They did indeed have lunch together in the Commons, though he says it was a 'private' event.
"David Cameron will not be able to hid his lack of action on fair remuneration by going after particular individuals. During Sir Victor's chairmanship of Lloyds, he never took a bonus and waived his payoff. He was knighted in 1999 for services to the financial services industry and to charities," he says.
"Ed Miliband has been clear this should not be about individuals. Instead, we need to take the right steps now to create a more responsible banking system that underpins rather than undermines the success of the British economy."
November 2010
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