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CBI: We must strengthen banks

Feb 04 2011

The CBI stresses that a healthy economy needs a healthy banking system

The CBI says that ensuring banks can finance a private sector recovery should be the government’s main consideration when reforming the banking system.

The business group also stressed that reforms should be globally coordinated to maintain and strengthen the UK’s position as an international financial centre.

John Cridland, CBI director-general says, ‘A healthy economy needs a healthy banking system, and the top priority must be financial stability for all.

‘We must strengthen our banks for the future, without relying on the taxpayer. Improving credit flows and providing relevant financial products to businesses will be critical to drive growth and recovery.’

He adds, ‘Financial services in the UK is a world class sector, accounting for around 10 per cent of total economic output, so we must not jeopardise this position by acting in isolation on reforms.’

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