Of Masters and men

The President of the Liberal Democrats, Tim Farron MP, has spent the last few weeks pre-empting Sir John Vickers’ report on banking reform. Tough legislation to split up the banks must now be passed “before the next election”, he insists: it is “right for the country”, and “must happen as soon as possible”.

Reading Masters of Nothing – the new book from Matthew Hancock and Nadhim Zahawi on the banking crisis – the ex-NUS officer may have found some unlikely allies in the new crop of Conservative MPs. Although there is still a debate about the timing of reform, Masters of Nothing is an authoritative and scathing critique of financial services, and its conclusions are broadly similar to those of Mr Farron. The City is failing, it argues. The Government must step in.

Quite surprisingly, for a tract on behavioural finance, Masters of Nothing is readable. Over 274 pages, historical polemic is mixed with the odd sugar-rush of gossip (or “human interest story”).