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Vince Cable: banks need reform, but what form must it take?

August 3, 2011 6:43 PM

bank bust• [Jul 26] AT a banking debate this morning, Which? called upon the Independent Commission on Banking to be brave with its recommendations. Vince Cable joins us to explore how we can prevent another banking crisis:

"It's 15 months since I worked with Which? on its Banking Commission, before joining the Coalition government. A group with disparate views came together to recommend unanimously a series of strong conclusions. Its central point was that 'banking is a structurally flawed industry that has failed its customers, its investors and the taxpayers who stand behind it.' A year and a bit later, that verdict retains its force.

. . We, as a government, will await the report before coming to a firm conclusion. But once we have agreed a way forward it will be essential to put the new arrangements in place as quickly as possible; we cannot wait for another banking crisis to cause even more damage."

• Vince Cable: banks need reform, but what form must it take? [Which? blog Jul 26]

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