As the Guardian notes:
The banking standards commission has put the possibility of a full break-up of the banks back on the political agenda by calling for the ringfence between high street and investment banks to be "electrified".
The move risks opening up divisions with the chancellor, George Osborne, who urged the commission last month not to reopen the debate about the structure of banks. Despite his plea, it recommends that the government should have a reserve power to separate high street banks from investment banks if they do not implement the ringfence proposals in the report by Sir John Vickers' independent commission on banking (ICB).
I'm pleased the Banking Commission has had the wisdom to ignore Osborne's demand.
I just wish they'd say splitting the banks and putting some very solid walls between High Street and investment banking would be so much better.
PS I submitted evidence to the Banking Commission on tax, audit and accounting yesterday but under its rules am not allowed to share it, yet.
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http://www.cityam.com/latest-news/bank-separation-back-agenda
As you can see frm the attached link according to City am:-
The industry hit back, arguing the long-term, repetitive nature of the threat to split up all banks can only damage the sector and the economy.
“Having a sword of Damocles dangling over banks is not good for the UK — if we don’t know what the industry might look like in 10 years’ time, it is not conducive to encouraging lending,” said a finance source who declined to be named.
After all the banking scandals, how is it that the banksters have the bare faced cheek to complain………….
there are still those who believe the the City, being in London, operates in the interest of the UK. Especially when someone in the Eu talks about regulation, it becomes a ‘national interest.’
Obviously, there earnings help to bridge the balance of payments but, thanks to people like Richard we also know that it diverts huge amounts of money elsewhere.