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Vince Cable comments on today's banking statement

This news article was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

Commenting on today’s bank statement Business Secretary Vince Cable said: “Today’s agreement is a good step forward for British business. Banks…

Commenting on today’s bank statement Business Secretary Vince Cable said:

“Today’s agreement is a good step forward for British business. Banks have made a commitment, with independent monitoring, to increase credit to UK firms and especially to small and medium sized enterprises.

“Tougher mandatory disclosure rules covering the top eight executives outside of the board will give the UK the most transparent financial regime in the world, while linking executive pay to lending gives businesses a crucial assurance that bank executives have a stake in the real economy.

“This is part of an ongoing process of reform of the banking sector. We are in no way pre-judging the big structural questions being addressed by the Independent Commission on Banking, including competition and the structure of banks”.