Noel j oins Lib Dem leader in war on banks
TV PRESENTER Noel Edmonds is joining forces with Sir Vince Cable to wage war on ‘greedy bankers’ – as he seeks political backing for his £300 million battle with HBOS.
The Noel’s House Party star told The Mail on Sunday earlier this year how he was driven to the brink of suicide by the collapse of his business as a result of fraud by workers for HBOS, which is now owned by Lloyds Banking Group.
Mr Edmonds will begin legal proceedings against Lloyds early next year for what he calls the ‘large scale industrial fraud’ which destroyed his entertainment company, Unique Group, along with hundreds of other small businesses.
The presenter – who dominated Saturday night television for years with the show based in ‘Crinkley Bottom’ – said the scandal ‘drove my businesses into the ground and cost me my home, my marriage and very nearly my life as I was driven to the edge of suicide’.
Now Mr Edmonds has met Mr Cable to discuss how the case can be used as a springboard for a wider political campaign against City excesses.
‘ Vince is determined to clean up the UK banking industry,’ Mr Edmonds told this newspaper last night. ‘I made the point that there was rising unrest amongst the public that after ten years of banker-inspired austerity, millions were still suffering, while bankers were still enjoying their massive salaries and obscene bonuses.
‘ He said Parliament had to be seen to be doing something about the banker problem.’
Six people have been jailed for the fraud, under which HBOS’s clients ended up saddled with debt by consultants who had bribed corrupt bank managers with luxury trips and sex parties. They were then asset-stripped when they were unable to repay the money.
After initially seeking £300 million in compensation, Mr Edmonds, 68, now says that he would accept £10 million to ‘draw a line’ under the case. The long-running legal battle has forced him to sell his £3 million, 18th Century French chateau.
Sir Vince made the reform of ‘fat cat’ pay one of his policy priorities when he was Business Secretary in the Coalition Government.
He said: ‘The banks are still not willing to acknowledge in full their moral responsibilities and show a lack of willingness to provide speedy and full compensation.’