A lot of local people have been talking to me about the uncertain economic climate and the troubles in the banking sector which have seen the nationalisations of Northern Rock and the Bradford & Bingley. 

The Labour government is taking decisive action to protect the deposits of ordinary account-holders.  The decision to raise the guarantee for bank savings from £35,000 to £50,000 will hopefully reassure depositors in Streatham, Balham, Brixton, Clapham and Tulse Hill, that the government will not allow the recent problems in the banking sector to jeopardise your savings.  Prime Minister Gordon Brown promised to do “whatever is necessary” to stabilise banking and protect ordinary account-holders in these difficult times.

This weekend, the Prime Minister is meeting with other European leaders at a summit in Paris to address the current economic problems, hoping to agree new banking rules which will tackle the underlying causes of the current problems in the financial sector.  I will keep local people up to date with further measures the government announces which will help them (I am pictured talking to a local resident outside the Lambeth Savings & Credit Union on Brixton Hill).