"A, the credit is not flowing and many small businesses and medium businesses are struggling...and B, the rate cuts are not being passed on in full. The Government needs to swallow its pride and accept that its bank rescue package is not working as intended."
He added that the bank bailout needed to be renegotiated:
"It's all very well for Gordon Brown, on a regular basis now, to get on a soap box and shout at the banks but it's not having the intended effect, it's not getting credit flowing again. We need to look again at the terms of the recapitalisation, accept that it isn't working and fix it so it does.We need a national loan guarantee scheme, so that the government is underwriting lending, this kind of radical monetary policy is what is needed to pull this economy out of a recession that many say will now be the deepest in the world."
(Quotes courtesy of PoliticsHome.com)