www.parliament.uk - 19/06/13
The Parliamentary Commission on Banking Standards today publishes its Final Report – ‘Changing banking for good’.
It outlines the radical reform required to improve standards across the banking industry.
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See: http://www.parliament.uk/documents/bank ... lume-i.pdf and http://www.parliament.uk/documents/bank ... vol-ii.pdfBanks in the UK have failed in many respects.
They have failed taxpayers, who had to bail out a number of banks including some major institutions, with a cash outlay peaking at £133 billion, equivalent to more than £2,000 for every person in the UK.
They have failed many retail customers, with widespread product mis-selling.
They have failed their own shareholders, by delivering poor long-term returns and destroying shareholder value.
They have failed in their basic function to finance economic growth, with businesses unable to obtain the loans that they need at an acceptable price.
Meanwhile, back at the farm:
Arrrggghh!BBC News - 20/06/13
Bank governor to be made Lord King
Retiring Bank of England governor Sir Mervyn King is to be made a peer.
Chancellor George Osborne confirmed the news in his Mansion House speech on Wednesday night, as Sir Mervyn prepared for his final speech at the event.
David Cameron has nominated him for a life peerage for his public service, Downing Street confirmed.
Sir Mervyn was praised by Mr Osborne for helping "to lead our country through an extraordinary period" in his 10 years as governor.
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The Guardian - 19/06/13
The British economy was in for a painful recession in 2008-09; but through his inaction, Sir Mervyn made it worse.
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