Banking reforms will go ahead, says Vince Cable

[dipsydoodle]

Business Secretary Vince Cable has said banking reforms will go ahead despite a row over the speed of the changes.

CBI director general John Cridland said taking action now could starve businesses of the capital they needed and damage the economic recovery.

But Mr Cable said that suggestion was "disingenuous in the extreme".

Ensuring taxpayers are not liable for any future losses or bank collapses and ring-fencing banks' retail operations are among the proposals.

http://www.bbc.co.uk/news/uk-14726568

Vince Cable accuses bankers of trying to derail reforms.

Vince Cable has lashed out at the big British banks amid reports that Conservative and Lib Dem ministers are at odds over the timetable for sweeping reforms aimed at avoiding another taxpayer bailout, after intensive lobbying by the banking sector.

The business secretary accused bankers of using the economic turmoil in Europe to try to derail reform of the financial sector, amid fears the reforms will be shelved until after the next general election.

Cable used an interview with the Times (paywall) to claim that "louder and louder voices" were being raised among some of the big British banks warning that regulatory change in Britain would put the recovery at risk.

Cable told the Times: "It is disingenuous in the extreme to use the current context to argue against reform. Banks are in a way trying to create a panic around something which they know has got to happen."

http://www.guardian.co.uk/politics/2011/aug/31/vince-cable-bankers-derail-reforms

[non sociopath skin]

1. Not that the coalition parties are falling out about it, you understand ...

:evilgrin:

The Skin