Clegg: we need global response to global crisis

The Lib Dem leader was speaking to BBC Radio 4’s Today Programme this morning amidst the news of continuing market turmoil. You can hear the interview in full here. And PoliticsHome has a brief transcript here:

The short-term need is for the G7 to show they can work together on the international level, we need global interest rates cuts – and the international leaders must develop a global programme to prevent this from happening again.

“We have to realise we are not talking about a one off adjustment about the way bonuses are being paid – we are entering a new era of a relationship between the public and the banks.

“We need to remove short-term bonus incentives all together – which distort their judgments – because they are the ones that set the agenda for the banks.”

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  • Clegg's Candid Friend 10th Oct '08 - 1:24pm

    “.. we need global interest rates cuts”

    The trouble is we’ve just had one, and it doesn’t seem to have achieved anything. Interbank lending rates have actually risen.

  • Clegg's Candid Friend 10th Oct '08 - 7:58pm

    Apparently Nick Clegg has now called for the government to remove “senior banking executives” who have been involved in excessive risk taking.

    Can anyone fill in any more detail on this? How does he want the government to do it?

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