Number 10: Government to toughen banks regulatory system

Barclays CEO Bob Diamond. Photo: Nick Potts/PA Archive/Press Association Images

The Barclays scandal dominated questions at No 10’s press briefing to lobby journalists this afternoon.

The Prime Minister’s spokeswoman refused to be drawn on whether the PM’s position on the bank had hardened. This morning David Cameron said Barclays had “serious questions” to answer.

Prime Minister David Cameron. Credit: PA/PA Wire/Press Association Images

By the time he’d arrived in Brussels his words were much more robust: "People have to take responsibility for the actions and show how they are going to be accountable for those actions and that's very important that goes all the way to the top of that organisation."

His spokeswoman was asked what the Prime Minister thought of Vince Cable’s comments that Barclay’s Chief Executive Bob Diamond could have his banking licence revoked. We were told it was a hypothetical question and difficult to comment when there’s an ongoing investigation.

What she did tell us was that the Government’s ensuring that the regulatory system on the banks is being toughened up. She reminded us that the Barclays problems “happened under a previous regime that applied a light touch.”

That’s become the standard Government response.

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