John Denham MP, Labour’s Shadow Business Secretary, ahead of the publication of the final report by the Independent Commission on Banking led by Sir John Vickers, said:
“The publication of the Vickers report on Monday is to be welcomed, as is the indication that banks will be asked to implement a ring fence between retail and investment arms.
“But of more immediate concern are the small and medium sized businesses that are crying out for finance today – the Vickers recommendations won’t change that. The Government’s self-lauded Project Merlin is failing to deliver increased net lending to SMEs – the Bank of England’s preferred measure of success. The narrow remit, given to Vickers, means that it won’t address the long term finance needs of UK businesses.”