Breaking up the Banks

This is the right move, provided there is no hint of a so called investment arm to these new banks and they do not act as traders in the casino at Canary Wharf.  I  would retain state control of the majority of the shares. First because it is time for the taxpayer who paid for all this to build up some decent assets which make a profit in dividends and taxes. Second because without a state presence in the High Street instability will prevail. I am more confident of HSBC than of Barclays.

The condition of the banks remains uncertain. A further £30 billion is going in, of our money, to shore it up. I remain of the view that we should have nationalised the retail banking sector and bust the rest. Lessons need to learned. It would also have been cheaper.