Credit Crisis Leads to Calls For Bank Break Ups

October 22nd, 2009

In the wake of the propping up of the banking sector in the UK due to te recent credit crisis, the Governor of the Bank of England, Mervyn King, told business leaders in Edinburgh that banks needed to be broken up to prevent them becoming too important to fail. But, it seems the government, specifically the Prime Minister and the Chancellor, are asking ‘what does he know?’ King’s plan would be to restrict government guarantees to utility banking, such as running payments systems or lending to households and businesses, while not being willing to support riskier activities, such as speculative trading.

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Entry Filed under: Business

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