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City minister wants "vibrant banking sector"

Financial services secretary Paul Myners has admitted to being ’frustrated’ by opposition to regulatory reforms in the British banking system.

Speaking at an event organised by the New Statesman in Westminster yesterday (December 14th), Lord Myners voiced his commitment to developing a ’vibrant banking sector’ in the UK.

However, he also said that the government’s reform agenda is entirely necessary to clamp down on the ’culture of risk-taking and excessive rewards’ that contributed to the global financial crisis.

’A prosperous, sound, responsible banking system is an international asset that we want to promote and need to succeed,’ he commented.

Lord Myners, whose role in the Treasury is also known as ’City minister’, has recently faced strong criticism from bankers over the introduction of a one-off ’supertax’ on bonuses.

Chancellor Alistair Darling announced in his pre-Budget report that a 50 per cent tax rate will be applied to all discretionary bonuses over £25,000 in the banking sector.

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