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The IEA's reacts to the announcement that Barclays are to cut 19,000 jobs over the next 3 years
Commenting on the latest jobs cuts announced by Barclays today, Mark Littlewood, Director General at the Institute of Economic Affairs, said:
“The loss of many thousands of jobs at Barclays is sad and depressing news. The authorities are in danger of trying to ensure all banking is safe. Instead, we need to ensure that banks can fail safely and that collapsed banks can be wound up without requiring any support from the taxpayer.
“Contrary to popular belief, financial services are one of the most highly regulated sectors of the economy. This continual trend towards high regulation and high compliance will simply push the investment industry to less heavily regulated countries.
“If we continue to regulate away professional discretion from those working in the City of London, we risk undermining the City and seeing our investment banking sector shrink.”
To arrange an interview please contact Camilla Goodwin, Communications officer 0207 799 8920/ 07821971443
Notes to editors:
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.
The IEA is a registered educational charity and independent of all political parties.
“The loss of many thousands of jobs at Barclays is sad and depressing news. The authorities are in danger of trying to ensure all banking is safe. Instead, we need to ensure that banks can fail safely and that collapsed banks can be wound up without requiring any support from the taxpayer.
“Contrary to popular belief, financial services are one of the most highly regulated sectors of the economy. This continual trend towards high regulation and high compliance will simply push the investment industry to less heavily regulated countries.
“If we continue to regulate away professional discretion from those working in the City of London, we risk undermining the City and seeing our investment banking sector shrink.”
To arrange an interview please contact Camilla Goodwin, Communications officer 0207 799 8920/ 07821971443
Notes to editors:
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.
The IEA is a registered educational charity and independent of all political parties.
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