Cable hits back at critics on bank reform

Business secretary Vince Cable said UK banking reforms will go ahead despite criticism from industry leaders the plans threaten the economic recovery.

On Tuesday, CBI director general John Cridland said taking action to reform banks now would be "barking mad", while British Bankers' Association chief executive Angela Knight said a focus on recovery is more important than regulation. However, Cable said it is "disingenuous in the extreme" to warn reforms could damage economic recovery. Fears about the UK’s major financial institutions are “all the more reason for grappling with this issue,” Cable told the Times. "It is disingenuous in the extreme to use the current context to argue against reform. "Banks are in a way trying to cre...