Clegg: Banking system must be made safe

Deputy prime minister Nick Clegg comments on the state of the banking sector on BBC1’s The Andrew Marr Show:

“We cannot as a country ever tolerate letting the banking system get so large it becomes a massive liability to the UK economy.

“We have to insulate the economy and the taxpayer from carrying these liabilities.

“We need to have a sustainable and prosperous banking sector where the taxpayer is not liable.”

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Addressing the last government’s record, he added: “Labour oversaw the City when it was gorging on bonuses and let the housing market become a casino.”