But I think the fundamental argument, which is perfectly sound and perfectly in keeping with both the white paper and theHouse bill, that we want to try to get banks back to the core function of relating to clients and not taking excess risky activities in the financial system.
And although Lord Wakeham has a reputation as a fixer rather than a radical, his first consultation paper, published last week, surprised some constitution-watchers by posing more searching questions than expected such as whether there is a case, not broached in the white paper, for giving the upper house extra powers as a constitutional watchdog.