The recent British White paper presenting Government plans, based on the 2011 Vickers Report, for reforming British Banking involves radical and far reaching changes. They will, no doubt, be opposed by banks (to whom the private cost is estimated in the White Paper at being between four and seven billion pounds p.a.). But the global political and ideological tide has swung sufficiently away from a more laissez faire approach towards banking that it would be surprising if they were not largely implemented, and could be a fore-runner to likely developments elsewhere.
This paper was prepared by Professor Kevin Davis, Research Director of the Australian Centre for Financial Studies.
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