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Richmond upon Thames Liberal Democrats:Covering the constituencies of Twickenham and Richmond Park |
Knight: Banking reform is still leaving us with a flawed system [Letter to The Observer]
July 5, 2011 11:09 AM
• [Jul 02]: SIR - The significant role that British banks are playing in the Greek financial crisis, as documented in the Observer last week, again highlights the crucial need for the Independent Commission on Banking (ICB) to provide recommendations that will ensure future financial stability.
Ring-fencing retail and investment banking through "Chinese walls", as endorsed by the chancellor, George Osborne, will not produce a banking system that is safe. If companies can continue to move capital between retail and investment banking, the latter could still endanger the former. As a first step, full separation of banking functions is needed to insulate the taxpayer against failure. Full separation would provide depositors with institutions they can trust.
Unlike the US, there has been no independent and systematic analysis of why the crash happened. The ICB has been unable to address issues fundamental to the creation of safe and useful banking. The ICB should call for a further process to correct a wide range of flaws in the financial system left untouched by its inquiry.
Adrian Sanders, Liberal Democrat MP, Lord Smith, Caroline Lucas, Green party leader, Jon Cruddas, Labour MP and 47 others:
Alan Hallsworth, Professor Emeritus, Staffordshire University,
Andrew Simms, New Economics Foundation,
Andy Flanagan, Christian Socialist Movement,
Ben Dyson, Positive Money,
Charles Middleton, managing director UK, Triodos Bank,
Chris Edwards, consultant and Senior Fellow, University of East Anglia,
Clifford Singer, False Economy,
Cllr Stephen Knight, leader of the Liberal Democrat Group, Richmond upon Thames,
Deborah Doane, Director, World Development Movement,
Dr Charles Dannreuther, School of Politics and International Studies University of Leeds,
Geoffrey M Hodgson, Research
Greg Ford, Re-Define,
Howard Reed, Director, Landman Economics,
Hugo Radice, Life Fellow, School of Politics and International Studies, University of Leeds,
Ian Gough, LSE, Professor Victoria Chick, UCL,
Ismail Erturk, senior lecturer in Banking, Manchester Business School,
Joe Cox, Campaigns Organiser, Compass,
John Kay (journalist and author),
John Weeks, Professor Emeritus, SOAS,
Jonathan Edwards, Plaid Cymru MP,
Jonathan Perraton, senior lecturer in Economics, University of Sheffield,
Linda Jack, Liberal Democrat Federal Policy Committee,
Lisa Nandy, Labour MP,
Mariana Mazzucato, Professor of Economics, Open University,
Mark Durkan, SDLP MP,
Mike Wood, Labour MP,
Naomi Smith, Social Liberal Forum
Neal Lawson, Compass,
Ruth Potts, The Great Transition,
Nick Isles, MD Corporate Agenda,
Prateek Buch, Social Liberal Forum,
Prem Sikka, Director, Association for Accountancy and Business Affairs,
Professor Christine Cooper, University of Strathclyde,
Professor Colin Crouch FBA, University of Warwick Business School,
Professor Doreen Massey, Open University,
Professor George Irvin, University of London (SOAS),
Professor Giuseppe Fontana, Leeds University Business School,
Professor Gregor Gall, University of Hertfordshire,
Professor Jonathan Rutherford of Middlesex University,
Professor Peter Case, Bristol Business School,
Professor Richard Grayson,
Professor the Baroness (Ruth) Lister of Burtersett,
Professor, University of Hertfordshire Business School,
Ray Sheath, managing partner, Social Investment International,
Richard Murphy, Director, Tax Research LLP,
Simon Hebditch, Social Liberal Forum,
Stewart Lansley, Research Fellow, Bristol University,
Yasmin Qureshi, Labour MP.
• Knight: Banking reform is still leaving us with a flawed system [The Observer Jul 02]
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