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Vince Cable warns the City

Vince Cable, in his position as business secretary, has warned UK banks that changes are afoot under the new coalition government. He envisages an increase in banking regulations, tighter controls on lending and legislation to limit bonuses and remuneration packages. Despite the fact that the Conservative party and the Liberal Democrat party appear to be at odds on this particular issue, Vince Cable will be using his influence in the cabinet to push through as many of his wishes as possible.

It seems almost inevitable that many of the larger UK banks which contain investment and banking operations will be split and we could see a total overhaul of the UK financial sector. It is difficult to envisage exactly how the sector will look after these changes have been introduced but one thing is for sure, the UK banking sector as we know it today has a limited life expectancy.

It is unclear at this stage whether the UK government would look to act unilaterally or with overseas counterparts because ultimately any changes to the UK regulatory system could impact on the competitiveness of London as a financial centre. It will be interesting to see how these particular issues progress as there is no way UK financial giants will take this lying down.

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