Has the Vickers report got it right?
Dr Pete Hahn discusses the proposed banking reforms
Radical reforms to the UK banking system were announced this week by the Independent Commission on Banking (ICB). The much anticipated report by Sir John Vickers called for banks to ring-fence their high street banking businesses from their riskier 'casino' investment banking arms. The report also outlined far-reaching plans to boost competition among high street banks. Has the Commission got it right? In this week's Cass Talks, Dr Pete Hahn, argues it will be costly and inefficient for banks to implement the ring-fencing proposals and insists UK banking is already competitive enough.