George Osborne calls for cultural change in banking industry

8 February 2013

A fundamental cultural change is required in the British banking industry in the aftermath of the global economic downturn.

That is according to chancellor George Osborne, who has said now is the time to start reforming the financial sector and pledged that the government will do everything in its power to oversee this process.

In a column written for the London Evening Standard, Mr Osborne admitted that over the course of the last decade, irresponsible behaviour has been rewarded and failure bailed out in the banking market, which is why "people are still so angry" five years after the initial collapse.

The Conservative-Liberal Democrat alliance official said he is determined to channel this anger into change, with the first stage of this alteration being to make sure the industry works for the public rather than prioritizing profit above everything else.

For instance, Mr Osborne noted there can be no repeat of the recent goings on at the Royal Bank of Scotland - whereby the financier was fined for breaching Libor regulations - as they were "totally unacceptable".

By Claire Archer

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