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CBI urges government to allow banks to finance private sector recovery
Posted by Patrick White
Any potential banking reforms implemented in the UK must be done so that financiers are able to support future growth in the aftermath of the global economic downturn.
That is according to the Confederation of British Industry (CBI), which has, in a document produced for the Independent Commission on Banking, offered tips to the government on how it should handle alterations to the system.
The organisation stated that it is crucial for banks to be in a position whereby they are able to finance the private sector's recovery in the wake of the recession, as this sector plays a "significant role in society", meaning that forming a "competitive but resilient" system which does not rely on assistance from taxpayers is crucial.
Meanwhile, in correlation with the opinions of British Bankers' Association chairman Marcus Agius, the CBI also stressed the importance of reforming the system in coordination with the rest of the world in order to ensure the country's position as an "international financial centre".
07/02/2011 15:13
News category: Consumer