John McDonnell MP, Labour’s Shadow Chancellor, responding to the Government’s opposition tonight in the Lords to Labour’s amendment to the Banking and Finance Bill that intended to bring accountability to the boardrooms of many of the banks that caused the financial crisis, said:

“The vote tonight proves that this is a government intent on standing up for the bankers that caused the crash rather than the general public that lost out as a result of the failure to regulate the financial system.

"Tonight’s amendment would have made senior bankers responsible for what happens in the banks they run. Instead they’re being told that it’s business as usual and that they can carry on without want nor worry.

"It is disgraceful that the Government is now lifting those protections designed to prevent financial misconduct. We need a government prepared to act in the public interest, not the interests of the bankers and financiers who fund the Tory party.”