According to the Financial Times (« Smaller UK banks », April 9, 2009) George Osborne, the conservative shadow chancellor of the Exchequer, “wants to probe whether Britain needs smaller banks. … Presumably referring to the shotgun marriage of Lloyds and Halifax Bank of Scotland, brokered by a desperate government last year, he rightly notes that it would be “a bitter irony if we came out of this crisis with a banking system that was even more concentrated and even riskier that the one we had before it”.”
A good point indeed. Welcome to the Classical Banking Club.
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