What the media says about me...

"A stroppy Labour MP"

Simon Hoggart Parlaimentary Sketch, The Guardian, October 2004

MP Vows Crackdown on City Sharp Practices

Thursday, 09 April 2009 12:52

Pendle MP, Gordon Prentice, is backing an attempt by his Labour colleague, 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 any charge for holding the accounts where these accounts are in credit. Frank Field commented: “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.”    The Pendle MP added; “We need to clean up the entire financial sector, rooting out shady and unethical practices.” “Frank’s Private Member’s Bill will, I hope, make the Government address this issue.” The Pendle MP is one of the Bill's 12 sponsors.