Chris Leslie MP, Labour’s shadow Treasury minister, responding to the Chancellor’s comments before the Parliamentary Commission on Banking Standards, said:
“George Osborne shouldn’t be telling this independent commission what it should or shouldn’t look at.
“He is wrong to claim there is a cross-party consensus on banking reform. Labour has said we want the letter and spirit of the Vickers proposals to be fully implemented, but the Chancellor is watering them down. As we warned earlier this year, if the government and banks do not deliver the radical cultural change that we need, we will need to go further and legislate to break up high street and investment banks.
“We welcome George Osborne’s belated support for a professional standards regime for banking, which Labour called for earlier this year. He should now listen to us on the need to deliver radical banking reform too.”