Welcome to this, the final summer edition of LDV’s Daily View – the feature will return again at the beginning of September, as will the various members of the LDV editorial collective.
2 Big Stories
Treasury select committee slams Government’s “largely cosmetic” banking reform plans
Here’s what the BBC has to say:
The government’s plans for reforming the regulation of banks are “largely cosmetic” and “lack clarity”, MPs in the Treasury Select Committee say.
In its report on the banking crisis, the committee says that responsibility for strategic decisions and action remains “a muddle”. The report also says that the Financial Services Authority (FSA) “failed spectacularly” in supervising banks.
More importantly, here’s what Vince has to say:
This report rightly underlines the need for high quality and transparent regulation if we are to create a stable financial system. We must not create a regulatory system that just deals with the current crisis but one which is fit for all the challenges ahead.
“The cross party report also exposes the sheer folly of George Osborne’s proposal to hand all power back to the Bank of England. While it is true that breaking up the banks will be complex, it is also necessary. A bank which is too big to fail is simply too big.
“The secrecy in which the White Paper was created shows the extent of the deteriorating relations between the Bank of England and the Government and does not bode well for the future.”
Gary MaKinnon loses US extradition court battle
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