Summary
wo years on from the emergency rescues of two major banks headquartered in Scotland, the Independent Commission on Banking arrives in Edinburgh this evening for its first meeting. Set up by the coalition government in June, it is charged with considering how best to reform the UK banking sector in order to "promote financial stability and competition".
Arguably the most contentious issue before it is the proposal that the big banks be broken up, with a separation of the investment banking or "casino" activities from mainstream retail and commercial banking. There are a number of advocates of break-up, including the Business Secretary Vince Cable and Professor John Kay, one of the First Minister's Council of Economic Advisers.See the full content of this document
Extract
Leader: Banking Reformers Must Look Beyond Break-Ups
In a cogent and well-argued commentary in The Scotsman today, Alistair Darling, the former chancellor, argues strongly against such a course. A break-up would, he argues, leave UK banks and those with major operations in Scotland at a severe co...
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