The report from the Bank of England underlines just what a mess our banks are in, although it tries to sound cautious and optimistic. Not only are these banks under capitalised for what they do, they owe half a £trillion which has to be refinanced over the next two years. Furthermore the report reminds us of their excessive exposure to property as well as to the problems in the eurozone. This is not good news for the country, for the government or the businesses and people who need a sound banking structure to help lift us out of our economic difficulties.
The only people living in a blissful noddy land where none of these problems spoil the happy day are the bankers themselves. Not everything this government has done has been popular, nor has it been right. On balance, though, it moves in the right direction with the right purpose. An area of cowardly failure, however, is its unwillingness to read the riot act to the banks over the shambles of their collective business and the sheer financial gluttony of what they think for this historic cock up, they deserve to be paid.
These greedy incompetents need to be very careful. If there is another crisis, the anger against them will be on a scale not yet seen. They will go in fear of angry mobs. Few will pity them.
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