UK Government

Department for Business, Innovation and Skills (National): Vince Cable comments on today's banking statement

News   •   Feb 10, 2011 11:16 GMT

Commenting on today's banking statement Business Secretary Vince Cable said:

"Today's agreement is a good step forward for British business. Banks have made a commitment, with independent monitoring, to increase credit to UK firms and especially to small and medium sixed enterprise.

"Tougher mandatory disclosure rules covering the top eight executives outside to the board will give the UK the most transparent financial regime in the world, while linking executive pay to lending gives businesses a crucial assurance that bank executives have a stake in the real economy.

"This is part of an ongoing process of reform of the banking sector. We are in no way pre-judging the big structural questions being addressed by the Independent Commission on Banking, including competition and the structure of banks."

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