Bruce welcomes banking proposals

GORDON MP Malcolm Bruce has welcomed recommendations by a powerful banking committee to protect taxpayers from future high-risk investments in the banking sector.

The Independent Commission on Banking (ICB) report makes a number of recommendations, including placing limits on the size of banks; retail operations being ‘ring fenced’ from risky investments; a minimum backing of 10% capital for operations within the ring fence; and curtailing the risk to taxpayers of future bank failures.

Commenting, Mr Bruce said: “I look forward to the Government taking action on reforming the banks in line with the Vickers’ recommendations and hope it will go further where necessary to ensure this is a lasting reform fit to protect us.”