Lord Myners, former City minister in the last government, has today made a strong critique of the Independent Commission on Banking report, published this week. This was a very lengthy speech in the House of Lords but for once I’ve printed it in full for those interested in the subject.
Myners knows his way around the City, having chaired numerous companies including Marks & Spencer; thus he has a greater claim to understanding the Square Mile than many other politicians.
His words are an interesting contrast to Labour’s broad support for the proposals when they came out on Monday: Ed Balls’ only real criticism was that the implementation seems a bit slow. Read more