Myners on the Banking Commission report: "Very little is going to happen in the next 24 months"

Business quote of the day.

Former City minister Lord Myners is unconvinced of the significance of today’s Banking Commission report.
 
"This is a scholarly report which will meet considerable resistance over time from the banks. The banks have successfully derailed a number of similar interventions on capital, ringfencing, bonuses and I think we will see a similar response here.
 
"In many areas Tyrie has said there should be further reviews …very little is going to happen in the next 24 months as a result of this report."

Lord Myners. Photograph: Getty Images
Photo: Getty
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Cabinet audit: what does the appointment of Liam Fox as International Trade Secretary mean for policy?

The political and policy-based implications of the new Secretary of State for International Trade.

Only Nixon, it is said, could have gone to China. Only a politician with the impeccable Commie-bashing credentials of the 37th President had the political capital necessary to strike a deal with the People’s Republic of China.

Theresa May’s great hope is that only Liam Fox, the newly-installed Secretary of State for International Trade, has the Euro-bashing credentials to break the news to the Brexiteers that a deal between a post-Leave United Kingdom and China might be somewhat harder to negotiate than Vote Leave suggested.

The biggest item on the agenda: striking a deal that allows Britain to stay in the single market. Elsewhere, Fox should use his political capital with the Conservative right to wait longer to sign deals than a Remainer would have to, to avoid the United Kingdom being caught in a series of bad deals. 

Stephen Bush is special correspondent at the New Statesman. He usually writes about politics.