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Pre Budget Report should begin banking reform

Which? calls for long term banking reform

Tax payers should get change from their £1,200, says Which?

As Alistair Darling prepares to deliver his pre budget report, research from Which? shows that just over half (51 per cent) of people think that failings by either the Government or by regulators are at least partly to blame for the financial crisis.

Tax payers bail-out banks

And with a consumer-funded bailout representing £1,200** from each UK taxpayer, Which? is calling on the Government to take radical steps to rebuild the banking system so that it is more consumer-focussed. Which? believes that an independent review is the best way to identify what reforms are needed.

The economic downturn is already affecting the majority of people, with four in five (79 per cent) saying they are worried about at least one area of their finances as a result of the crisis. Two fifths (40 per cent) of people are concerned about the security of their savings, 31 per cent about the value of their pension and 27 per cent about mortgage rates.

Review of banking system

Which? chief executive, Peter Vicary-Smith, says:

“We need radical reforms to deliver a strong, stable banking system that protects the long-term interests of consumers, rather than the short-term interests of the banks.”

“We must identify what went wrong in the past to ensure that we don’t repeat those mistakes in the future. The best way to achieve this is through an independent review.”


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