Faith and finance
Ministers have warned the government that more needs to be done to make sure the banks behave correctly and are monitored properly.
In a debate on the Banking Reform Bill, following Chancellor George Osborne’s strident remarks on “electrifying” a ring-fence around banking activity, former Conservative leadership candidate John Redwood asked, ‘If break up and segregation may be necessary for a bank in a future crisis, does the government not understand that it may need these techniques to deal with the inherited and still very serious banking crisis?
‘Will the government look at what it can learn from its studies?’
His comments were echoed by Arwyn Bailey, a Christian financial adviser and spokesman for the trade body the Association of Christian Financial Advisers.
Mr Bailey, whose organisation has warned of the rising levels of poverty among people in the UK since the austerity measures began, said it was vital that the government was seen to be taking a tougher line but without pushing more people into financial hardship.
He added, ‘Politicians and bankers will have to do this without threatening people’s savings, Isas and pension funds yet further.
‘This is no mean task. If the government is to succeed, this will require an end to finger-pointing and the effective working together by all parties to establish a solid foundation for all of our futures’.