George Osborne made a firm statement on the Vickers report this afternoon; if he felt
uneasy about the proposed abolition of his seat or Natalie Rowe’s latest sally against him it didn’t show.
As expected, he accepted Vickers’ proposals “in principle”, giving himself and his coalition partners enough room to manoeuvre within an agreed timetable that is equitable to both parties.
Osborne also said that the annual £7 billion burden of Vickers’ capital requirements “should fall on shareholders and the wholesale debt holders, not small depositors or taxpayers.” Politically, it’s imperative that he achieves that objective. There is yet uncertainty on the subject and Barclays sought a clarification earlier this afternoon.
Osborne finished by reprising one of his favourite strategic memes: that the coalition takes action where Labour dithered. These reforms might have come ten years ago, he said.
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