Response to the Independent Commission on Banking’s Interim Report

The Banking Commission is tasked with figuring out how to reform the UK banking sector. In April we reported on the wash-out that was their interim report.  From many contradictory statements in this report it is clear that they still do not understand how modern banks actually operate. They also failed to understand fundamental points of our proposal.

Given the implications of their recommendations on the lives of millions of people, we couldn’t let such sloppy work go uncommented on. Our response is here:

Download the Submission to ICB (4 July 11) here

We pointed to all the incorrect statements, invalid conclusions in their report and called for a thorough and intellectually robust analysis of the credit creation process, and its implications for financial stability, to be included in the Final Report.

The Final Report is to be published on 12th September and its recommendations will be critical for the further direction of our banking system (and society).