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George Osborne defends big banks as good for society

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George Osborne has defended Britain's embattled big banks and said their survival was good for society and the country needed more, risking inflaming deep public anger over lenders following a string of mis-selling scandals.

 

The Chancellor told the Parliamentary Commission on Banking Standards there were not enough banks for customers to choose from in the country. "We don't have a huge number banks, sadly, large banks. I would like to see many more," he said. He was giving evidence on the draft Financial Services Banking Reform Bill and defending reforms to ring-fence banks so no lenders would be "too big to fail".

 

Sir John Vickers's independent commission recommended ring-fencing high street banking businesses from their riskier investment banking arms to avoid a repeat of the 2008 financial crisis in the future. Some commission members suggested a full separation might be better.

 

Link: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9693322/George-Osborne-defends-big-banks-as-good-for-society.html


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