Banking

Banking

The Guardian view on City reforms: banks need more regulation, not less | Editorial

In the years before the 2008 financial crash, Britain allowed the development of a financial system which was paying bankers handsomely for taking too many risks. It had grown so large that the then recently appointed head of the City regulator, Adair Turner, described much of the Square Mile’s activities as “socially useless”. Memories are short in government, however. The City reforms proposed earlier this month by the chancellor, Jeremy Hunt, will unfortunately squash whatever useful functions finance provides in favour of its useless ones.Britain’s departure from the EU should...
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