Reaction to release of the Independent Commission on Banking’s interim report has been measured. While the recommendations in the report were expected to be harsh enough to prompt some large U.K. banks to move their headquarters out of the U.K., observers say that is unlikely to happen now. In addition, the Adam Smith Institute, commenting on the report, said the ICB should avoid a single solution for all banks. “I would urge them not to come up with a formal plan they impose on everybody and everybody is then carved up in the same way. That will not turn out to be right for anybody and you cannot change it when circumstances change,” said Dr. Eamonn Butler, the director of ASI.
