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Simon Wolfson calls for confidence in banking sector

Next chief executive Simon Wolfson urged the public to have confidence in the banking sector on the BBC’s Question Time current affairs programme last night.

Wolfson told the audience: “It’s very important to recognise that there is a problem but exaggerating it is only going to make it worse.”

He took presenter David Dimbleby to task for pushing Labour Party deputy leader Harriet Harman on the safety of people’s cash deposits in high street banks and said: “What is actually going to make the problem worse is having no confidence. The thing we most have to fear is a run on our banks and the thing that will make our deposits safe is our confidence that they will remain safe.”

Wolfson also made a plea for any regulation in the banking sector to be thought out and not knee jerk. “If we are going to have regulation don’t make it the sort of regulation that is aimed at last time’s problem.”

He said supervision would be a better basis for the banking sector going forward and bemoaned the fact that when the Bank of England gained its independence it lost its right to supervise the sector.”

To see the full Question Time clip visit this link.

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