Tag Archives: vickers commission

Vince Cable – “we’re reforming UK’s banks, and we’re getting on with it”

Liberal Democrat Business Secretary confirmed yesterday that the Government would accept, in full, the recommendations of the Independent Commission on Banking (ICB) Chaired by Sir John Vickers (see this video to see for yourself).

Anticipating Chancellor George Osborne’s formal announcement today, Vince told the BBC’s Andrew Marr that the  separation of retail and investment banks –  ‘something I and the Liberal Democrats have pushed on for a long time’ – will go ahead, indicating that the ‘angry heckling by banks’ (Marr’s words) had failed to blow the Government off-course.

Indeed Vince went as far as  to …

Posted in News | Also tagged , , and | 18 Comments

Opinion: Do Banks Rule the World?

Last week many of us may have witnessed the sickening spectacle of watching a city trader declaring that Goldman Sachs rules the world… among other insights, such as how he lays awake at night fantasising about another economic depression.

If money rules the world, then surely whoever rules the world controls the money supply?

Many of us would, therefore, assume that the Bank of England creates money and regulates its supply to the economy, thereby controlling inflation and interest rates. However, whenever we look to finance a house, car, business project, etc, we invariably turn to the banks (in the …

Posted in Op-eds | Also tagged , , , , , , and | 9 Comments
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