HBOS, we were told, could not be allowed to fail because it held a fifth of the country’s mortgages. The answer, it seems, is to waive the rules on corporate takeovers to create a bank holding….erm…. a third of the country’s savings.
Presumably, the failure of this new group would be even more unthinkable. The bankers have the government over a barrel.
Remind me, wasn’t the Competition Commission set up to prevent companies becoming too powerful?