Inadequate reform

The Government's white paper on reforming the banks, which came out in the middle of the crisis, received a lukewarm response from the TUC. While there was 'welcome recognition' of the need to make UK banking safer and to ring fence retail banking operations from riskier investment banks, it was disappointing that minimum capital requirements recommended in the Vickers Review had been watered down.

Meanwhile UNI global union leader Philip Jennings, whose organisation represents 20 million service sector workers worldwide, has called for an international inquiry into the finance sector. In a letter to the Financial Times, published on 4 July, he said what was needed was a 'global truth and reconciliation commission for errant financiers'.

TUC reaction to white paper @

http://www.tuc.org.uk/economy/tuc-21123-f0.cfm