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Originally Posted by Osem
Yes it had but decimating it now doesn't undo all that's been done does it?
We should be working to keep the City and banks (much of which we now own via RBS and Lloyds/HBOS) at the top of the pile whilst making sure that the sort of dubious practice the govt. of the time and FSA so miserably failed to identify/deal with can never happen again. Perhaps regulation by the B of E will be more effective. Anyway, I'd far rather see the City's massive taxes used to help rebuild the industries it damaged here than see it and the money it generates benefit other countries.
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It would undo it over time.
There is no way to deal with it without them crying over it and leaving or at least threatening to leave which ultimately would make the government back down. The government needs to stop been afraid of the banks, call their bluff.
Its evident how powerful they were back at the time they won the overdraft charges case, the system was simply too scared to make them hand billions back to consumers.