Vince Cable has denounced bankers as being, 'ingenuous' and manipulative of the current economic turmoil.
He accused some of the major British banks of being too clamorous, threatening further panic about the economic growth getting increasingly slack. An Independent Banking Commission on Banking will be separately set up to assess the banks' retail operations when they report on Sept.12, 2011.
The Daily Mail also supported the argument of Britain being "in the red," as debt climbs higher and pushes the economy further below.
There have also been high-strung attacks by the British Bankers' Associated Chief, John Cridland, who said it would be an act of imbecility on the part of the banks, in taking action to reforming the banks now.
As increasing volatility and outstanding public debt become the focal points, for a tottering economy, Cable asserts that it is absolutely, "disingenuous in the extreme to use the current context to argue against reform. Banks are in a way trying to create a panic around something, which they know has got to happen."
The business secretary has been inclined on the separation between retail and investment banking. He stated: "The governor of the Bank of England and many other people have been arguing that we have to deal with the 'too big to fail problem.' We can't have big global banks with balance sheets bigger than GDP underwritten by the taxpayer, this can't go on and it has to be dealt with."
Speculation is rife that there may just be another economic meltdown, if the current scenario looms over the impending future. Vince Cable opposed this standpoint about expecting a similar 2008–2009 crisis for the banking sector, although claimed that the "slowing down of western economies," would continue to affect "employment and long – term dynamism."