We need change

You published another fine article by Alf Young (Perspective, 7 July), pointing out that “we have an opportunity to redefine how the banking sector serves society and the economy”. Who is the “we”? It is not the hoi polloi voters; it not our politicians; nor any guise of select committee or inquiries (public or royal).

Mr Young found that “MPs seemed more preoccupied with preening their own public profile, and barely laid a hand on the departing Barclay’s chief executive”.

It reminded me of John McFall, when he was chairman of the Treasury select committee, grilling Fred Goodwin and Tom McKillop of RBS along with Lord Stevenson and Andy Hornby of HBOS, when the most that rottweiler questioning achieved was abject apologies from all four.

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That was three and a half years ago now, and plus c’est la même chose, except Mr McFall is now Lord McFall, Baron McFall of 

Even the more recent Vickers Report put off its main recommendation, namely its proposed “ring-fencing” of retail banking from wholesale investment banking, until 2019.

Nowhere in its 350 pages did I find a definition of “ring-fencing”, nor did it recognise that capital movements between the two 
sectors of the same company could still take place.

Ronald Rankin

Coates House

Dalkeith, Midlothian

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