Proposed by Councillor PL Davies

Seconded by Councillor Kenny

(1)  This Council congratulates Gordon Brown on the decisive action he has taken in the current financial crisis and his role in bringing governments together in Europe, and America, to set up the appropriate government intervention and recapitalisation of banks needed to stabilise markets and prevent a financial meltdown that would have devastated the lives of everyone.

(2)  Council notes that the EU Commission President, Jose Manuel Barroso, recognised his contribution when he said “I want to pay a very sincere tribute to the role that Prime Minister Brown has played and is playing in these matters.  He has acted as an impetus to the action that we have been taking collectively.  He has been very clear from the beginning that he was developing a British response, but also seeking to contribute to a Europe-wide solution and also to a global solution.”

(3)  Council further endorses his actions in seeking a new, global regulatory and warning system that will prevent any such financial collapse again in the future.

(4)  Council notes that the Conservative Party Leader, David Cameron, has been conspicuous by his silence and refusal to condemn the irresponsible actions of bankers and hedge fund managers.

(5)  Council also notes that a number of key donors to Tory Funds, as outlined in Channel 4’s Dispatches programme “Cameron’s money men” are hedge fund managers or bankers, including Lord Ashcroft, and that some donors to Tory funds were linked to the short-selling of Bradford and Bingley shares before the practice was banned.

(6)  Council condemns the Conservative policy over the past decades, both here in Britain and through the Republican party in the States, which has seen an almost fundamentalist crusade for total de-regulation, followed by irresponsible short-term ‘get rich quick’ behaviour by the banks and money men, followed by a collapse in the system requiring taxpayers money as a bail out.

(7)  Council further condemns the Conservatives for their outrageous behaviour in attempting to blame Labour while refusing to condemn those closer to home who are really to blame.

Proposed by Councillor PL Davies

Seconded by Councillor Kenny

(1)  This Council congratulates Gordon Brown on the decisive action he has taken in the current financial crisis and his role in bringing governments together in Europe, and America, to set up the appropriate government intervention and recapitalisation of banks needed to stabilise markets and prevent a financial meltdown that would have devastated the lives of everyone.

(2)  Council notes that the EU Commission President, Jose Manuel Barroso, recognised his contribution when he said “I want to pay a very sincere tribute to the role that Prime Minister Brown has played and is playing in these matters.  He has acted as an impetus to the action that we have been taking collectively.  He has been very clear from the beginning that he was developing a British response, but also seeking to contribute to a Europe-wide solution and also to a global solution.”

(3)  Council further endorses his actions in seeking a new, global regulatory and warning system that will prevent any such financial collapse again in the future.

(4)  Council notes that the Conservative Party Leader, David Cameron, has been conspicuous by his silence and refusal to condemn the irresponsible actions of bankers and hedge fund managers.

(5)  Council also notes that a number of key donors to Tory Funds, as outlined in Channel 4’s Dispatches programme “Cameron’s money men” are hedge fund managers or bankers, including Lord Ashcroft, and that some donors to Tory funds were linked to the short-selling of Bradford and Bingley shares before the practice was banned.

(6)  Council condemns the Conservative policy over the past decades, both here in Britain and through the Republican party in the States, which has seen an almost fundamentalist crusade for total de-regulation, followed by irresponsible short-term ‘get rich quick’ behaviour by the banks and money men, followed by a collapse in the system requiring taxpayers money as a bail out.

(7)  Council further condemns the Conservatives for their outrageous behaviour in attempting to blame Labour while refusing to condemn those closer to home who are really to blame.

Amendments submitted in accordance with Standing Order 7(3):

Proposed by Councillor Green

Seconded by Councillor Mrs Rennie

Delete all and insert:

(1)  Council notes with concern the reality of one quarter’s reduction in Gross Domestic Product and the very real threat this poses to jobs in Wirral and the local economy.

(2)  Council therefore instructs officers to bring an urgent report to the Regeneration and Planning Strategy Overview and Scrutiny Committee on measures the Council can take now to support local businesses, for example:

improving from 30 days to 10 days for the payment to small businesses for goods and services that the Council has received;

a review of whether parking charges can be reduced or removed at key locations to protect local shops and businesses.

(3)  Council further requests that officers work with local businesses and employers to ensure their needs are effectively communicated to central Government.

FURTHER AMENDMENT:

Proposed by Councillor Holbrook

Seconded by Councillor Teggin

Delete paragraphs (1) and (2) and replace with:

(1)  This Council welcomes the action taken by Gordon Brown and the Government in the current financial crisis and his role in bringing governments together in Europe, and America, to set up the appropriate government intervention and recapitalisation of banks needed to stabilise markets and prevent a financial meltdown that would have devastated the lives of everyone.

Renumber paragraph (3) as (2), delete the words ‘endorses his’ and replace with ‘welcomes the Government’s’.

Delete remainder of the motion and replace with:

(3)  However, Council notes that the origins of the global financial crisis lie in the progressive de-regulation of the banking and finance industries, which has undermined long-term stability through irresponsible lending and reckless risk taking for short-term profits.  Council further notes these policies began in the UK under the leadership of Margaret Thatcher, but continued under John Major, and were further supported and developed by Tony Blair and Gordon Brown

(4)  Council notes that the current situation has not arisen without forewarning and in particular notes the concerns raised by Vince Cable MP since 2003 about the high levels of personal debt in the UK; notes that his advice on Northern Rock and warnings on the banking crisis have consistently been borne out by events; and notes that his current advice is for a substantial cut in interest rates to minimise the effects of the impending recession.

(5)  Council condemns the Conservatives for their outrageous behaviour in attempting to blame Labour and similarly condemns Labour for their failure to acknowledge their share of responsibility.

Following a debate, the first amendment was put and lost (21:37).  The second amendment was put and lost (18:41).  The motion was put and lost (19:40).

Resolved:  The Motion was lost.