Vince Cable: Banks are being disingenuous over reform

Vince Cable, Liberal Democrat business secretary, accuses banks of being disingenuous over reform:

"It is disingenuous in the extreme to use the current context to argue against reform.

"Banks are in a way trying to create a panic around something which they know has got to happen.

"The governor of the Bank of England and many other people have been arguing that we have to deal with the too-big-to-fail problem.

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"We can't have big global banks with balance sheets bigger than British GDP underwritten by the taxpayer; this can't go on and it has got to be dealt with."