The future of banking

The financial crisis which has ripped through the world has deeply affected the UK, since we have a large financial services sector, but we have not yet taken the measures that will ensure that such a crisis will not reoccur.

Perhaps a crucial step in that direction was taken today with the publication of the report of the Future of Banking Commission. The Commission was set up by the consumer group Which and its membership included the current BIS Secretary of State Vince Cable.

The report makes 39 recommendations, including a crucial one that the retail and speculative activities of banks should be structurally separated into distinct businesses. This is something that I called for in a blog posting almost two years ago.

You can read the BBC online coverage here and the full report here.


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