CBI calls for strong banking system

Strengthening the banking and financial services sector could help the economy move towards sustainable growth, a business group has stated.

According to the CBI, the winner of the next general election needs to make developing a stronger banking system a priority.

The organisation said this measure, along with stepping up efforts to get more young people into permanent jobs, would boost the economy and help stimulate long-term expansion.

John Cridland, deputy director general of the CBI, commented: "Our proposals make clear what the priorities should be to help our economy on the road to sustainable growth."

He added that "tough decisions" will need to be made by political parties to ensure the public finances are balanced by 2015.

New legislation designed to regulate the banking and financial services sector will be on the agenda at this week's Labour Party conference in Brighton, which will be their last before the general election.

The comments from the CBI come shortly after it predicted that gross domestic product in the UK will go up by 0.4 per cent in the final quarter of the year.

Updated: 30 September 2009.
Categories: banking-and-financial-services, market-and-industry-news.