Why Osborne is getting it right on banking
Oh dear. After Massachussetts, it seems like the usual sneering about “populist” politicians, and about voters who aren’t happy with the bankers, is back. So here are a few facts of life for those knocking people who think the banking sector could still do with a lot of fixing: 1) The financial performance of the financial services industry over the past decade, in aggregate, has been shocking. Someone who had invested in the US or UK stock market would have seen their investment in real terms (net of inflation) fall by over a third. Shareholders have been brutalized for the best part of a generation now. 2) The last ten
