21 December 2012

Woof, woof, George

So the Parliamentary Commission on Banking Standards is taking a tough line on ringfencing domestic banking from its casino equivalent.  This leaves Slasher George with a wee problem:

Mr Osborne stocked the commission with people like Lord Lawson, the former chancellor, Lord Turnbull, the former cabinet secretary, and Justin Welby, a former oil executive before rejecting mammon in favour of a career in the church that has led to him becoming Archbishop of Canterbury. And he put Andrew Tyrie, the chairman of the Treasury Select Committee, in charge. If he's surprised that this lot has gone off and done something he didn't expect he's really rather naive.
The proposals are actually sensible, and likely to be supported by people such as Sir Mervyn King, the governor of the Bank of England. But the real problem for Mr Osborne is that the people who have made them have a great deal of credibility.
If he ignores their recommendations, or tries to "game" them himself by watering them down, he runs the risk of being seen as the bankers' poodle. That's not a happy place to be.

Couldn't happen to a nicer fellow ...


No comments: