The UK’s bank ringfencing doesn’t need large-scale reform | Nils Pratley

Rachel Reeves would do well to drop her ‘boot on the neck’ inflammatory language and err on the side of cautionOne reason to worry about the chancellor’s plan for deregulation in the financial services sector is the dramatic language in which she pitched it. Rachel Reeves’s metaphor in her Mansion House speech last month about regulation in too many areas acting as “a boot on the neck of business” felt wildly over the top when you remember why tougher financial rules were needed in the banking sector in the first place. It was because the light-touch regulatory era caused the whole economy to be clobbered in the collapses of 2008-09.In the event, it took until 2019 to implement fully the centrepiece of the clean-up operation: bank ringfencing, which requires UK banks of a certain size to separate their retail and investment banking activities. Now, six years later – no time at all in the grand scheme – the Treasury, lobbied by most of the big banks, is contemplating “meaningful” changes to ringfencing in the interests of economic growth. It feels far too soon to try anything radical. Continue reading...

Comments

Business News

Rail bosses given ‘criminal offence’ warning over fare dodger prosecutions

Evening Standard

Comments

Business News

Rail bosses given ‘criminal offence’ warning over fare dodger prosecutions

US national debt soars past record $37 trillion — years sooner than expected

Ex-Kroger CEO must reveal ‘embarrassing’ details about his abrupt exit thanks to lawsuit involving Jewel

Bessent urges Fed to slash rates next month, with ideal goal ‘150, 175 basis points lower’

Boost for homeowners as average UK mortgage rate hits ‘turning point’

Stablecoin Wars With Stripe And Circle Racing To Control Payments

Good News And Bad News About ‘Wednesday’ Season 2 Viewership

Labubus Remain King Of The Collectibles, StockX Reports

Chappell Roan Soars Higher Than Ever

Cardi B Joins Nicki Minaj, Beyoncé And Rihanna

Bruno Mars Brings Two Of His Classics Back To The Global Charts

Why D’Angelo Russell May Be The Most Important Signing Of The Summer

What Time Is New Heights Podcast Release? Everything To Know About Taylor Swift’s Appearance

Around Half Of U.S. Adults Drink Alcohol—A Record Low—But Sales Remain Steady

Oahu’s North Shore Club Is Boldly Ambitious, Even For Hawai’i

Billie Eilish’s Debut Album Hits Half A Decade On The Charts

Justin Bieber’s New Single Enjoys Its Biggest Week Yet

American Eagle Needs To End Its Sydney Sweeney Campaign

Taylor Swift Has One Very Good Reason To Release A Single Very Soon

Typical two-year mortgage deal at low last seen before Liz Truss mini-budget

Pension alert for under 65s as DWP data shows 7 in 10 Brits are taking risk

DWP sends urgent warning to Universal Credit claimants who have money in savings

Hair straightener from Frankie Bridge's go-to brand drops to Amazon lowest price

Shoppers save £30 on ‘gorgeous’ Jimmy Choo perfume that gets 'many compliments'

Car insurance cost 'halved' if you renew on this exact date

Shoppers say 'game-changer' misting fan is ideal for 'allergies and hay fever sufferers'

Boden trousers with 'smoothing' waistband fly off the shelves as they're cut by 50%

Claire's on brink of collapsing into administration with 281 stores at risk

Superdrug shoppers say £6 perfume smells 'exactly like' Tom Ford's £290 version

A-Level results 2025 freebies including Nando's, Pizza Express and Zizzi

Drivers can cut car insurance 'instantly' by telling insurer one thing

UK investor confidence slumps over weak growth fears

Musk threatens to sue Apple over App Store ranking

PHP defeats KKR in takeover battle for NHS landlord Assura

High-street chain with 178 stores reveals another three will soon close

Citroen extends 'chaotic' stop-drive order to another 10,000 UK cars

Scotland’s deficit grows by £5.1bn, Gers figures show

A record number of Americans see moderate drinking as harmful, a new Gallup poll shows

GE Appliances shifts more production to US as part of a $3 billion investment

Soap, wristbands and scaling the UN: People get creative during final plastic pollution treaty talks

The Beatles Bring A Popular Song And A Beloved Album Back

The Interns Are Speaking – Can You Understand Them?

Here’s When The ‘Battlefield 6’ Open Beta Week 2 Starts And What To Expect

Rickie Fowler’s Revival, Scottie’s Streak, Fuels BMW Championship Buzz

How AI Data Centers Could Save California’s High-Speed Rail Project

‘Mafia: The Old Country’ Review — A Great Game That’s A Bit Too Linear

Blackpink’s ‘Jump’ Is A K-Pop Hit With A Dutch Backbeat

Arbitration Win Extends Venture Global LNG Win Streak

Meet The Espresso Martini You Can Eat With A Spoon

The Two Big Questions President Trump’s Nominee For The Federal Reserve Must Be Asked

Woman finds old Pokemon cards in storage and can't get over their true value

A-Level results 2025: Best student bank accounts including Lloyds and HSBC

Princess Andre’s curl cream that gives her Disney-like hair gets slashed to £8

Full list of DWP benefits that make you eligible for £150 Warm Home Discount

M&S shoppers praise 'versatile' suede jacket that 'goes with anything'

FCA issues compensation warning to millions of car owners

AD FEATURE: How the UK gave the world this quintessential chocolate wafer bar

Cheap days out with kids this summer holidays - check your area

Snag a LEGO Bluey set from Argos for less than £3 with little known trick

‘I swapped my fan for a smart 3-in-1 cooling duvet and it changed how I sleep’