Osborne is threatening to break up banks if they don’t follow his rules on ring-fencing when he finally gets to introduce them in 2017, 2018, 2019 or 2020 (or whenever).
That’s ridiculous. He claims all banking problems are Labour’s fault. And it’s taken him well over two years and any number of failed agreements with the banks to realise that whatever you do they abuse the rules.
The man is the true heir to the era of light touch regulation – except in his case he’s just putting off regulation at all.