Lib-Dem MPs line up behind Cable's attack on banking

12 April 2012

Liberal Democrats today escalated their demands for sweeping changes to Britain's banking system which have been denounced as "barking mad" by business chiefs.

Senior Lib-Dem John Thurso backed Cabinet minister Vince Cable's attack on the banks and went further by calling for the break-up of the largely taxpayer-owned RBS.

Many Lib-Dems believe the banks have dragged their feet over increasing lending to small and medium sized firms and want a radical shake-up to cut the risks of a repeat of the financial crisis.

Earlier, Business Secretary Mr Cable had accused banks of "trying to create a panic" to derail reforms set to be published on September 12 by the Independent Commission on Banking headed by Sir John Vickers.

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