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Banks Lobby Government As Ringfence Hit Looms

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Barclays and other leading British banks have launched a last-ditch lobbying effort with the government to try and fend off proposals to ringfence their retail operations, sources with knowledge of the matter said.

Sources said it was likely that the banks' top executives would seek talks with Finance Minister George Osborne ahead of the September 12 publication of a report from a government-appointed commission that will propose tough new regulations and restructuring for the industry.

"We have a major report coming out that will have huge implications for the industry. Wouldn't you expect the Chancellor to be in touch with the industry?" said one banking industry source.

Asked to comment on the situation, a spokesman for the Treasury replied: "The Chancellor meets with a range of banks and financial services leaders on an ongoing basis."

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Barclays and other leading British banks have launched a last-ditch lobbying effort with the government to try and fend off proposals to ringfence their retail operations, sources with knowledge of the matter said.

Sources said it was likely that the banks' top executives would seek talks with Finance Minister George Osborne ahead of the September 12 publication of a report from a government-appointed commission that will propose tough new regulations and restructuring for the industry.

"We have a major report coming out that will have huge implications for the industry. Wouldn't you expect the Chancellor to be in touch with the industry?" said one banking industry source.

Asked to comment on the situation, a spokesman for the Treasury replied: "The Chancellor meets with a range of banks and financial services leaders on an ongoing basis."

It'll be pushed to 2015 for actual reforms. Post next election. Then it's that governments problem.

That's the cynical thought from me.

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It'll be pushed to 2015 for actual reforms. Post next election. Then it's that governments problem.

That's the cynical thought from me.

The banking industry is assuming exactly that.

Societe Generale says ringfencing “looks likely”, adding: “Whatever the outcome [of the ICB report], we suspect that banks will be given until 2019 to comply, giving them time to significantly re-engineer their businesses if necessary.

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  • 343 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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