The Guardian reports:
Lord Myners, the City minister, today played down the idea that Britain might follow Barack Obama's lead in introducing radical banking reforms.
Myners told Reuters the UK had already taken measures to address the problems in its banking industry.
"President Obama came out with a solution to the idiosyncratic problems that he sees in the American banking system, which is around investment banking in particular," Myners said.
Which is an utterly bizarre response.
London has 38% of all proprietary trading in the world according to City data.
Invetsment banking is massive here - and where the issues are.
RBS was one of the top 5 foreign exchange dealers in the world - Barclays is bigger.
We have bigger problems with these issues than the US - but you bet the UK thinks this is a great opportunity for regulatory arbitrage to steal a bit of banking business for London.
Will we / they ever learn?