Published Date:
20 April 2009
PENDLE MP Gordon Prentice is backing an attempt by his Labour colleage Frank Field to ban the practice of short selling where speculators can make a fortune in hours on the movement in the market value of shares they don't own.
The Short Selling and Bank Accounts Bill will come before the Commons for debate in June.
The Bill also requires banks and building societies to offer their retail customers current and savings accounts free of charge for holding the accounts where these accounts are in credit.
Frank Field said: "This Bill, it is hoped, will put an end to what many believe to be an underhand and immoral trading practice. Short selling is a trading technique that involves lending shares with the hope to buy them back later for a lower price.
"Such activity often leads to a devaluation of major financial institutions including banks and pension funds."
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Last Updated:
20 April 2009 3:56 PM
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Source:
n/a
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Location:
Burnley
