When will groups such as The Parliamentary Commission on Banking Standards wake up and realise that this government has NO real intention of reorganising the banks.
The talk has moved from buffers to firewalls, ring-fencing, electrified ringfencing , shocks and any number of excruciatingly bad metaphors. As the Commission must have realised by now, the government is cherry-picking its recommendations in order to mollify the Banking Lobby – which is probably the most influential in Westminster.
Today the Banking Reform Bill is being debated in the Commons, no doubt with the ultimate objective of yet more procrastination by a government which seems unable to either manage or take those “tough decisions” which it is always banging-on about. Unless , of course those tough decisions are aimed at and affect the less privileged.
Andrew Tyrie, the Chairman of the PCBS says “”The government rejected a number of important recommendations. We have concluded that the government’s arguments are insubstantial.”
He added: “There remains much more work to be done to improve the bill.”
JUST what the Chancellor and Prime Minister wanted to hear…..and just as long as the argument can continue until at least May 2015.
Banking reform is in the future – and that is exactly where the government intends to let it stay. Indefinitely.