Rejoice! Ed Milliband will announce at the Labour party conference today that
Labour would impose a legal duty on any financial services firm that manages savings to maximise the saver’s returns.
At last Labour are to drop all that guff about “stakeholders” and “corporate responsibility”, although to make it compulsory to pursue profits at the cost of all else is rather repressive.
But what a turnaround, eh? Can it really be happening?
No. It’s all a mistake. They just haven’t noticed yet. Tim Worstall has cruel fun pointing out that Mr Miliband does not appear to have worked out that his proposal would make ethical investment illegal.
If those proposing the reform of the financial markets know so little about the financial markets that they can make this sort of mistake: well, what value their plans for reform of the financial markets?