Sunday, 13 February 2011

Vince back on song

Vince Cable first came to national prominence with his attack on the banks, his call for early nationalisation of them and his accurate prediction about the crash. Consistently he has called for a break up of the banks and a separation of retail and investment banking. He has also been an advocate of remutualising Northern Rock. He was at it again this morning on the Andrew Marr programme provoking this response from the Telegraph (it is well worth reading the comments):

It’s no secret that Mr Cable doesn’t think much of the behaviour of our biggest banks and wants to take a tough line on their bonuses. He’s also backed fundamental overhaul that would put a new legal divide between retail banking and investment banking (”casino banking, in Vince-speak), something that would effectively split up banks including Barclays and RBS. George Osborne by contrast is rather more cautious about bank break-ups, preferring some restrictions on banks’ trading operations but stopping short of full separation.

We now need other Lib Dem spokespeople to take up the call for radical reform. We want to see the banks broken up and that includes establishing regional mutual banks including Northern Rock along side the permanent division between retail and investment banking.

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