- 18 updates
Chancellor George Osborne has said in a speech at Mansion House tonight that the UK economy had to "unavoidably be rebalanced" because of the recession:
The Chancellor has said tonight that his long-awaited White Paper on banking reforms that "no amount of competitive edge" could protect the country:
The Lord Mayor David Wootton expressed his appreciation at the Chancellor's reforms tonight at an annual Dinner to the Bankers and Merchants in London:
George Osborne and the Shadow Chancellor Ed Balls have arrived for The Lord Mayor of the City of London's annual Dinner to the Bankers and Merchants, where Mr Osborne will be discussing his new banking measures to give savers "extra security".
Banking giant KPMG said tonight they do not think the White Paper on reform gives any clear detail on how they will actually be affected.
Jon Pain, head of financial services risk at the bank, said the paper is "light on detail" and "short on recommendations" for growth.
The Federation of Small Businesses has said they welcome the launch of the Banking Reform White Paper. They said the reforms must tackle the fact that the sector is "dominated by a few large players" who are still not giving small businesses the finance they need to grow.
According to Government estimations:
- The plans will cost the banking industry up to £7 billion a year
- UK economic output will be reduced by between £600m and £1.4bn
- The costs will be 'far outweighed' by the benefit of avoiding another financial crisis and mammoth bank bail-out, which has cost the UK £140 billion
The Secretary of State for Business, Innovation and Skills, Dr Vince Cable, said:
Latest ITV News reports
The Government has unveiled how it plans to overall some aspects of the banking sector to make the sector safer for depositors.