Richard Macmillan

“There is no doubt that the events of 2007/2008 and the effects of the Financial Crisis continue to reverberate around the world and the consequences will be felt for decades to come.  To use an analogy from Vince Cable, the banking industry, with the City as its epicentre suffered a massive heart attack and has been in intensive care since.

I had personal experience of this as my parents worked for Northern Rock: its collapse being the symbol of Britain’s banking crisis, reflecting that this crisis has a very human story.  Millions of ordinary working families have faced unemployment and uncertainty as a result of the greed and self indulgence by others, particularly in the investment banking sector.  The behaviour of some in the City went against any notion of what a Liberal economy should be.  Liberals believe in economic freedom rather than state control, but only if that freedom can be used responsibly and without causing harm to others.  The banks had failed to operate responsibly in a dramatic way.      

This crisis has illustrated how fundamentally imbalanced the British economy is and that Labour’s economic policy under Tony Blair and Gordon Brown had essentially failed.  They neglected the manufacturing sector to favour the Financial Services and the City of London at all costs.  To quote Lord Mandelson, Labour were “intensely relaxed about people getting filthy rich” and thus did not question the City’s practices.  I think we are all suffering now from the previous government’s failure to regulate effectively, their belief in a Thatcherite economic view and their little understanding of the true potential of the British economy.

Of course the City of London remains an important asset in the British economy and Financial Services more generally, are a significant part of our economy – we cannot just forget that or imagine something else exists. Liberal Democrats do not want to see punitive taxation that could damage a sector that employs millions of individuals across the land, but we do want to see a more balanced economy so that there is less reliance on the City and that the government focuses on some of the new and developing industries, creating wealth for the many, not the few, right across London and beyond.  For example in Old Street we have seen a growth in the digital industries and in East London, the creative industries are flourishing. The mayor should continue to promote the financial services industry, but other sectors as well, as in the future small and medium enterprises will be the lifeblood of our future economy.  

We need a mayor that essentially will be London’s great ambassador for economic enterprise, working together with the Lord Mayor to ensure all London’s economic interests are promoted and protected – not just the City, especially in the emerging markets. Brian Paddick is that man to be mayor.         

Generating wealth through economic enterprise with all Londoners sharing an economic stake is how we tackle the social ills and appalling inequality across our city.  I hope that more individuals feel empowered to start their businesses, generating that entrepreneurial zeal that London is famous for, creating employment that improves the lives of the many.  I hope that a new era of optimism can start with economic diversity at its heart so that the benefits can be felt by all Londoners.”

London Liberal Democrat have launched plans to bring the police and public together to help fight crime. The plans include:

• “Paddick patrols” whereby existing community groups are given training, equipment, and support from the police to patrol their areas.
• Getting the police to survey all residents and businesses in an area to establish local priorities and force the police to act on them.
•  A London wide programme of community payback where criminals are made to perform services required by the local community.
• Stopping the racist abuse of “Stop and Search” powers – the police ought to be fighting crime, not wasting time.

The message we heard from residents on the doorstep this was loud & clear – the public don’t feel the police are doing enough to tackle crime, and welcome our plans to get the police to engage more with the local community.

Lib Dem London Mayoral candidate Brian Paddick commented: “I believe we need radical change in the culture of the Met in order to regain the public’s trust. For the first time in May, Londoners will be electing a Mayor who will also be Police Commissioner for London.

“If elected, my Liberal Democrat colleagues on the London Assembly and I will force the police to identify local communities’ concerns and act on them. The police must be seen as acting on behalf of the public.”

Tower Hamlets Lib Dems campaigning on policing

Liberal Democrats have a fully costed plan to bring fairer fares to the capital city.  People should be able to get to work at a reasonable cost and when people on the lowest incomes find it difficult to afford their travel to work, then there is something seriously wrong with how a city is working. London Liberal Democrats are therefore advocating three simple policies.

Early bird fares

London’s economy is reliant on an underpaid army of workers, from cleaners to security staff, who get to work before most people have even got out of bed. Discounted fares for people who complete their tube journeys early in the morning would greatly help London’s low paid. And, this would also help reduce rush hour congestion.

Part time travel cards

Some of the lowest paid work is carried out by part-time workers, the majority of whom are women. Yet most fares are structured around people who work a conventional five day week. We need to introduce a part time travelcard that provides far cheaper travel than is currently available, for people that only travel to work up to three days a week.

These three proposals, combined with tackling the outrage of oyster overcharging, add to an effective package that we should be proud to campaign on over the coming weeks. They won’t cost the earth, but they will make a fundamental difference to people with the smallest pockets.

Fully costed

Most importantly, our fairer fares package is affordable. Through targeting waste, fare evasion and certain perks provided by TfL we are able to fund our plans, without impacting on the transport investment programme.

Our very specific and targeted measures that particularly help people on low incomes clearly exemplify how the Liberal Democrats are the only party in the May elections with fresh and innovative ideas for London.