The
Chancellor delivered his annual
Mansion House speech yesterday evening: see
here. He commented on the
final report published earlier in the day by the
Parliamentary Commission on Banking Standards and stated:
"...The Commission’s central judgment is absolutely right. As they put it: 'High standards in banking should not be a substitute for global success. On the contrary, they can be a stimulus to it. There’s a lot of detail here – I will respond more fully next month. We’ve already supported the recommendations on new criminal sanctions and cancelling bonuses where banks are bailed out. And let me be clear: where legislation is needed, the Banking Bill currently before Parliament will be amended to ensure the recommendations can be quickly enacted."
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