Don't put savings at risk from reckless financial speculation Bobby Dean MP warns

Bobby Dean MP questioned Treasury Minister Emma Reynolds MP over reports that the Government plans to ease bank ring-fencing rules, potentially posing a risk to people's savings.

Ring-fencing, introduced by former Business Secretary and Liberal Democrat MP Vince Cable, aims to protect retail customers and small businesses by separating investment banking services from retail banking services. It improves financial stability by making the banking system more resilient, minimising the need for government intervention and use of public funds in future crises.

As a member of the Treasury Committee, which examines financial regulation, Bobby Dean MP urged the government to safeguard ordinary people’s savings from the risks of speculation. 

Bobby asked:“Will the Minister give us assurances that the hard-earned savings of families across the country will not be put at risk by the speculative activity of people playing with other people’s money?”

Reynolds responded that whilst the government aren’t considering a radical removal of the ringfencing regime, they are actively exploring possible amendments and alternatives that would allow for increased economic growth.