Capitalist system is still at risk, says MP Sir Peter

SIR Peter Tapsell has told the Chancellor that people must accept that big banks can still fail.

Speaking in the House of Commons, the Louth and Horncastle MP told George Osborne: “May I again put it to the Chancellor that further delay in ring fencing retail banking from investment banking can only perpetuate the appalling shibboleth that big banks cannot fail?

“Until we debunk that shibboleth, the capitalist system will remain at risk.”

The Chancellor replied: “My right honourable friend makes a powerful point.

“We must learn the lessons of what went wrong in the regulation of our banking system.”