The publication of the ICB report brings us one step closer to regulatory certainty which we welcome. We will review the recommendations thoroughly to understand the implications for Barclays and the industry.
It is important that the measures taken by the Government maintain a level playing field, securing the UK and London’s place as a global financial centre.
The measures taken must allow the UK banking industry to support economic growth as we take further steps to delivering a safer and more secure financial system.
We welcome the focus on the importance of flexibility and pragmatism. All banks are different and diversity of the sector must be maintained.
It is crucial that the steps taken now towards implementation are made with the benefit of full information about the likely costs and benefits and consistent with the principles set out by the Commission.
We will work constructively with the Government and we are confident that practical implementation of the recommendations can be devised.