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NotThamesWater

What could possibly go wrong?

UK banking rules in biggest shake-up in more than 30 years

The government has announced what it describes as one of the biggest overhauls of financial regulation for more than three decades.
It says the package of more than 30 reforms will "cut red tape" and "turbocharge growth".
Rules that forced banks to legally separate retail banking from riskier investment operations will be reviewed

That being said, when the banks get bigger and richer, we'll all benefit. Because trickledown.

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NickCJ in reply to @NotThamesWater

I think Peston’s take on this was pretty good. In 15 years the UK hasn’t managed to nurture any industry to beat the City’s pre-07 international competitive advantage. It’s just a shame that having financial services as your key engine of growth exposes you to blowups every 10-15 years and no-one can figure out how to avoid it.

https://twitter.com/peston/status/1601160689368076289?s=46&t=JXAyXY42iXru7Ezozm-oQQ

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itsbruce in reply to @NickCJ

Possibly because finance has been elevated over things that directly generate wealth (which finance cannot do)? Finance used to be seen as an enabler of wealth creation, not the be-all and end-all. Some people speculate that the City, as it has been for the last several decades, is a net negative for the British economy.

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