Osborne warning big banks
Mr. George Osborne has decided to spread the warning speech to the big banks by taking into account the chancellor's annual Mansion House speech. According to his warning message he wants to convey that the biggies may have to pay for the damage which they had passed on the British economy and sooner or later have to repent for this.
Mr. Osborne has decided to introduce a bank levy and the pressures faced from his Liberal Democrat partners to churn out a sufficient amount from the tax in the next week's Budget.
However the chancellor has requested the former head of the Office of Fair Trading, Sir John Vickers, to make his comments on the review regarding the Britain's biggest banks, whether they should be pressurized to divide the retail and investment banking arms or not.
But the Treasury conceals the fact whether Sir John would be confirmed as the head of the independent banking commission or not, along with his silence his also declined to comment on the same.
According to the chief executive of the British Bankers Association, Angela Knight, it is quiet difficult to say that whether Sir John would get the job or not.
Now only the banking commission's report shall finalize the fate of the big banks, which includes Barclays and RBS. Lib Dem business secretary, Vince Cable, expressed that by this week the direction of travel clearly reflects the separating retail and casino banking.
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