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chancellor walks a fine line with banking reform

20 October 2010

The CSR has announced that the banking levy will be made permanent and that all the UK’s top banks need to sign up to the code of practice introduced last year.

The Chancellor has a fine line to walk here. On the one hand, reforming the UK banking regulatory system to prevent future systematic failures and on the other hand, not going too far. The City of London is a major asset of the UK economy and must remain an attractive place for the world’s major financial intuitions to be centred.

The banking community accepts this but what is really needed though is joined-up international reform of the banking industry. If the UK overhauls its banking industry in a way that is out of step with other countries, the danger is we become uncompetitive as a result.

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