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Cameron sets out plans for City Cameron sets out plans for City
(about 1 hour later)
The Conservatives would bring "law and order" to the financial markets as well as a sense of social responsibility to the City, David Cameron will say. The Conservatives would bring "law and order" to the financial markets as well as a sense of social responsibility to the City, David Cameron has said.
The markets have been governed for too long by the "destructive idea that you can take what you get, however you get it", he will say in a speech. The markets have been governed for too long by the "destructive idea that you can take what you get, however you get it", he said in a speech.
He will also repeat a pledge to make the Bank of England monitor both consumer and company debt. He also repeated a pledge to make the Bank of England monitor both consumer and company debt.
Plans to overhaul UK banking rules were set out by the City watchdog last week.Plans to overhaul UK banking rules were set out by the City watchdog last week.
In a speech at a conference on the regulation of capitalism at the London Stock Exchange, Mr Cameron will reject suggestions the Tories - as champions of the free market and deregulation - cannot fix financial regulation. In a speech at a conference on the regulation of capitalism at the London Stock Exchange, Mr Cameron rejected suggestions the Tories - as champions of the free market and deregulation - could not fix financial regulation.
We are the party of law and order. So we are the party to bring law and order to the financial markets David CameronWe are the party of law and order. So we are the party to bring law and order to the financial markets David Cameron
He will say: "People don't want to abandon markets, they want us to reform markets so they work properly. He said: "People don't want to abandon markets, they want us to reform markets so they work properly.
"What they want is a sense of order and social responsibility brought to the operation of the financial markets. And that is a task for the modern Conservative Party."What they want is a sense of order and social responsibility brought to the operation of the financial markets. And that is a task for the modern Conservative Party.
"We are the party of law and order. So we are the party to bring law and order to the financial markets. We are the party of social responsibility. So we are the party to bring social responsibility to the financial markets.""We are the party of law and order. So we are the party to bring law and order to the financial markets. We are the party of social responsibility. So we are the party to bring social responsibility to the financial markets."
He will add: "For too long, our market has been governed by the destructive idea that you can take what you get, however you can get it. We need to change the culture in the City so people understand they don't just have a responsibility to themselves - but to society too." He added: "For too long, our market has been governed by the destructive idea that you can take what you get, however you can get it. We need to change the culture in the City so people understand they don't just have a responsibility to themselves - but to society too."
Regulation 'hostility'Regulation 'hostility'
Mr Cameron will say regulation is a "vital part" of making sure the markets work properly but it has to be the right type of regulation. Mr Cameron said regulation was a "vital part" of making sure the markets work properly but it had to be the right type of regulation.
The Conservatives would cut "problem" regulation - "like the red tape that is strangling small business" while reforming others - such as the "failed system of financial regulation".The Conservatives would cut "problem" regulation - "like the red tape that is strangling small business" while reforming others - such as the "failed system of financial regulation".
He will accuse the government of being more interested in "a list of rules that look good on paper" while the Conservatives would concentrate on "what works in practice". He accused the government of being more interested in "a list of rules that look good on paper" while the Conservatives would concentrate on "what works in practice".
He will also say he would restore the Bank of England's role in "calling time on debt in the economy". He also said he would restore the Bank of England's role in "calling time on debt in the economy".
Last week Lord Turner, the head of the Financial Services Authority, unveiled proposals to overhaul banking rules - aimed at stopping banks lending too much in the boom years, and also increasing the regulation of hedge funds.Last week Lord Turner, the head of the Financial Services Authority, unveiled proposals to overhaul banking rules - aimed at stopping banks lending too much in the boom years, and also increasing the regulation of hedge funds.
It also backed an overhaul of bonus systems at financial institutions.It also backed an overhaul of bonus systems at financial institutions.
The report followed the onset of the financial crisis which brought down several banks - including Northern Rock - and has left some of the world's biggest banks unable to survive without help from taxpayers.The report followed the onset of the financial crisis which brought down several banks - including Northern Rock - and has left some of the world's biggest banks unable to survive without help from taxpayers.
Liberal Democrat spokesman Jeremy Browne said the Conservatives had been "hostile to regulation of financial services" for ten years and the public "remains suspicious of David Cameron because he appears to have no guiding values or consistency".Liberal Democrat spokesman Jeremy Browne said the Conservatives had been "hostile to regulation of financial services" for ten years and the public "remains suspicious of David Cameron because he appears to have no guiding values or consistency".