Over-regulation of banks will lead to further job cuts in the future
12 May 2014 01:19 PM
The IEA is a registered
educational charity and independent of all political parties.
Commenting on the latest
jobs cuts announced by Barclays today, Mark Littlewood, Director General at the
Institute of Economic Affairs, said:
“The loss of many thousands of jobs at Barclays is sad and depressing
news. The authorities are in danger of trying to ensure all banking is safe.
Instead, we need to ensure that banks can fail safely and that collapsed banks
can be wound up without requiring any support from the
taxpayer.
"Contrary to popular
belief, financial services are one of the most highly regulated sectors of the
economy. This continual trend towards high regulation and high compliance will
simply push the investment industry to less heavily regulated
countries.
"If we continue to regulate
away professional discretion from those working in the City of London, we risk
undermining the City and seeing our investment banking sector shrink.”
To arrange an interview please
contact Camilla Goodwin, Communications officer
0207 799 8920/ 07821971443
Notes to
editors:
The mission of the Institute of Economic
Affairs is to improve understanding of the fundamental institutions of a free
society by analysing and expounding the role of markets in solving economic and
social problems.
Commenting on the latest
jobs cuts announced by Barclays today, Mark Littlewood, Director General at the
Institute of Economic Affairs, said:
“The loss of many thousands of jobs at Barclays is sad and depressing
news. The authorities are in danger of trying to ensure all banking is safe.
Instead, we need to ensure that banks can fail safely and that collapsed banks
can be wound up without requiring any support from the
taxpayer.
"Contrary to popular
belief, financial services are one of the most highly regulated sectors of the
economy. This continual trend towards high regulation and high compliance will
simply push the investment industry to less heavily regulated
countries.
"If we continue to regulate
away professional discretion from those working in the City of London, we risk
undermining the City and seeing our investment banking sector shrink.”
To arrange an interview please
contact Camilla Goodwin, Communications officer
0207 799 8920/ 07821971443
Notes to
editors:
The mission of the Institute of Economic
Affairs is to improve understanding of the fundamental institutions of a free
society by analysing and expounding the role of markets in solving economic and
social problems.
The IEA is a registered educational charity and independent of all political
parties.