UK to reform banking sector

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The UK government has informally announced that it will accept the report of the Independent Commission on Banking (the Vickers’ report) ‘in full’. Now, there appears to be some wriggle room in the ‘in full’ statement – see the BBC report here. But overall this is an excellent result.

I have commented on the Vickers’ report before. See here. It is not perfect but it is a very good start and a road-map for sensible banking reform. Australia could do a lot worse than following the UK lead on this.

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