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But he said the Government's change of heart on the reserve power to "electrify the ring fence" was good politics but bad economics that would lead to even less lending.
BBC: Osborne backs break-up of banks that fail to reform
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The other view is that is is largely a cosmetic change - which reflects on the general low regard people now have for the banking sector, but does not make a big difference to the ring-fence, for good or ill.
BBC: UK banking reforms: What's new?
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No doubt Librans, though pretty good judges of character, are sitting on the fence.
ECONOMIST: Letters