Lloyds boss gives pro-government 'standard of living' speech

Internationally respected banking chief António Horta Osório was back in Portugal last night giving some advice about debt control, reviewing Portugal's reforms and looking at how to increase the population's standard of living.

The chairman of Lloyds Bank said that Portugal must continue to implement structural reforms to enable the economy to grow "over time" and emphasised that Portugal must continue to control its debt.

"Portugal has made very significant reforms since the crisis started, in healthcare, public administration and taxation, but we have to continue with structural reforms which take time to improve our competitiveness and which will lead to an increased in the standard of living," said the head of Lloyds, with rare insight.

"That means more reforms in terms of increased competition and of the competition authorities. We need lower energy bills and to improve training of young people in companies," he argued at a speech in Castelo de Vide, Portalegre.

"Only structural reforms, coupled with continuing to live within our means, could lead to a significant growth in the long term of the standard of living."

The head of Lloyds Bank, on £11 million a year, said the country must continue to control its debt and to improve its productivity and competitiveness, stimulating competition, "lowering the State's presence," freeing up space for lower taxes and encouraging private initiatives with reforms.

António Mota de Sousa Horta Osório's restatement of the same old hackneyed phrases marks a point at which we can look back and see the little progress that has been made and to the failure of serious reforms Portugal needed for the economy to get anywhere near competitive, dynamic and export focused.

The expat banker was speaking at a PSD function with just over 5 weeks to go before a general election.

Any comments about the real state of the economy or empirical analysis of the country's reform process might have upset the organisers.

Internationally respected banking chief António Horta Osório was back in Portugal last night giving some advice about debt control.

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