Chris Dillow is an exception to Nigel’s complaint yesterday that there is little serious debate about public spending

Vince Cable has a superb analysis of why the bankers are so happy once again. As he says, “Banks should either surrender their (taxpayer) protection and compete like other firms, or be protected and have their profit regulated like utilities.”

This is an important report. How many bets it will happen?

This should have happened years ago. Commission payments introduce incentives not to give the best advice, and it’s only the privileged status of the financial sector that has allowed it to continue for so long.