The BBC is reporting that is reporting that Business Secretary Vince Cable is still vehemently supporting the need for banking reform despite the Government being attacked by the CBI and the British Bankers’ Association.
In an interview in the Times, he said banking reforms will go ahead despite a row over the speed of the changes, the BBC reported:
On Tuesday, CBI director general John Cridland said taking action to reform banks now would be “barking mad”.
But Mr Cable said it was “disingenuous in the extreme” to warn that reform could damage economic recovery.
Anxieties about the big financial institutions were “all the more reason for grappling with this issue“, Mr Cable told the Times.
He said: “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.
“The governor of the Bank of England and many other people have been arguing that we have to deal with the too-big-to-fail problem.
“We can’t have big global banks with balance sheets bigger than British GDP underwritten by the taxpayer; this can’t go on and it has got to be dealt with.”
To read the full article on the BBC website, view HERE.
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