Investment banking has, in recent years, resembled a casino, and the massive scale of gambling losses has dragged down traditional business and retail lending activities as banks try to rebuild their balance sheets. This was one aspect of modern financial liberalisation that had dire consequences.
Vince CableRelated topics
aspect balance banking business casino drag gambling investment lending massive modern rebuild recent retail scale traditional try years liberalisation banks losses consequences sheetsRelated quotes
Banks operate like a man who either wears his trousers round his chest, stifling breathing, as now, or round his ankles, exposing his assets. We want their trousers tied round their middle: steady lending growth; particularly to productive British business, especially small scale enterprise.
Vince Cable
As regards foreign investment, I said we have our own priorities and cannot open up so others can exploit us...Cutting red tape is one aspect of liberalisation, inviting all multinationals across the world is another thing. What I aimed at was a model of more internal competition, but resisting foreign capital.
V. P. Singh
