Mervyn King leans towards radical reform
Whatever the Independent Commission on Banking recommends when it reports towards the end of next year, the UK government will not be allowed to get away with tinkering with the banking system or relying on Basel III to produce a safe enough system. That is the clear message of the speech given on Monday by Mervyn King, governor of the Bank, who said: "Of the many ways of organising banking, the worst is the one we have today".
With one eye on the commission and another on the City of London, Mr
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