Clegg warns against banks that are too big to fail

Chief Finance Officers World reports:

Nick Clegg has called for widespread reform of Britain’s banking sector in the hope that the country becomes less reliant on what he called “overwhelmingly important” companies.

An interim report on the subject from the Banking Commission is due out next month and Clegg has pre-empted its release with calls for the influence of the banks to be reduced in the interest of the wider economy…

The banking commission will deliver initial findings on April 11th, with a final report due by the end of September.

In an interview with Reuters this month, Lib Dem business minister Vince Cable warned the banking industry that heavy lobbying would not affect the government’s zeal to reform the sector.

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