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Bank Claim: Banking reform is a must, says Vince Cable

Banks and financial institutions need to show more stability because the country is in an "economic equivalent of war".

This is according to secretary of state for business, skills and innovation Vince Cable, who was making a speech at the Liberal Democrats' autumn conference in Birmingham. He said that up until now banks have been offered a one-way bet; if they gamble and win the bonus pot fills up, but if they lose the taxpayer is left to pay the price.

"Massive potential instability is caused by UK-based global banks whose combined assets are over 400 per cent of GDP, by far the largest of any major country," said Mr Cable.

Referring to the recent arrest of Kweku Adoboli, the rogue UBS trader whose actions cost the Swiss banking organisation £1.3 billion, the MP said any doubts over radical banking reform should now be dispelled.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-800735143-ADNFCR

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