Dear Editor, I was appalled to read that MP Steve McCabe was asking the Government to intervene to prevent Lloyds Bank – owned by the taxpayers – requiring property speculators to pay their debts (Post July 21).
These speculators in The Cube development are not, in the main, small investors but “get rich quick merchants” riding on the back of the property boom. Their gamble did not pay off this time.
McCabe’s stance is in sharp contrast to his betrayal of the responsible savers in Equitable Life, who have been fighting for 10 years to get compensation for their lost pensions caused by a failure of Government regulators.
Despite winning every court battle here and in Europe, the Labour government and the Treasury have spent a decade, during which over 30,000 savers have died, in denying justice to 1.5 million responsible savers.
The coalition promised justice but have reneged on its pre-election pledges and is offering a pittance to a restricted few.
It agreed there was a debt of at least £4 billion but offer only £1bn in the Comprehensive Spending Review whilst billions are found for economies abroad.
McCabe would be more honourably employed if he now stood up and fought for proper compensation for hard working British pensioners. Without proper justice the necessary confidence in our financial institutions and politicians will never recover.
Colin Downes
By email
