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UK government leads the way in banking reform

The British Bankers Association (BBA) has today claimed that the UK is leading the way in banking reform in the developed world. Angela Knight, chief executive of the BBA, suggested that while the vast majority of the G20 had discussed and promised significant reform in their local markets, it is the UK which is leading the way at this moment in time.

While there is no doubt that the UK government is attempting to do more than many governments around the world, it is debatable as to whether the various promises have been kept and indeed the UK banking industry is now under tighter control. We have seen the headlines, we have heard the comments but today, despite strong claims to the contrary, very little has changed in the UK banking sector.

We have seen UK taxpayers bail out the system and individual banks to the tune of hundreds of billions of pounds and so far we have seen very little return on this significant investment. Whether we will ever see a return on the investment is open to debate because ultimately, as we have said on numerous occasions, the UK banking sector is well aware of the position it holds in the UK economy and the strength it gives the leading UK banks.

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