....looking forward to seeing Uncle Vince's speech in a few minutes. In particular, the bright idea (possibly, depending on the details) of a system for unlocking finance to SMEs. Will the Business Secretary (sic) now abandon his BS about referring to all aspects of banking as casinos etc. and behave and articulate himself in a manner befitting a senior member of government?
So his new proposal is not (according to leaked details) a bank in the traditional sense of the word. It is, in effect, a method of securitisation ie, gov money used to buy up loans, package them and sell them to pension funds. The very activity that lay at the heart of the crisis from which Uncle Vince came up with his vitriole against the financial services industry. An interesting irony. Let's see how this is spun.....?