When is Independent not Independent?

I see that our Business Secretary, Vince Cable, has stated in an FT interview that banks will need to be restructured and that things in the City will never be the way they were.

The ferocity of the statement surprised me given the fact the government of which she is a member has pledged to organise an independent inquiry into the structure of British banking.

Why independent?

I presume the politicians were keen to ensure that the reasons behind regulatory policy are not contaminated by political posturing.

“Dear Mr. Cable,

I know this is difficult to understand given the amount of time the Liberals have been out of power but you are now a member of a government. The official policy of your government is to organise an independent inquiry into the structure of British banking. Why do you wish to pre-judge the results of this inquiry and call for a drastic restructuring of the landscape before the inquiry’s members have had a chance to do their work? Not only is it illogical but it also undermines your government.

You also state that unilateral action will be taken if Britain cannot persuade its international partners to take similar action.

Is this wise given that our banks operate in an international market where funds move across borders at the blink of an eyelid?

Britain may be an island but it cannot isolate itself from world forces.

I am not saying that change in the way banks operate should not occur. I am saying that process of establishing what the changes should be robust and not influenced by political posturing.

Vince – you are now in government. Please behave.”