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The decision of the Bank’s prudential arm to take the foot off Basel brakes is correct. But if the UK wants a vibrant and competitive banking sector, that feels able to address lagging private sector investment and lacklustre productivity, there is a strong case for further liberalisation. This does not affect our editorial independence. * Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting.

More risky and long-term lending has been hived off to the non-bank sector, such as private equity, where there is little transparency. Tough capital ratios have produced bad outcomes. Lending is never going to be risk-free. Reforms such as improved deposit insurance of £85,000 in the UK, the separation of consumer from casino banking and stronger capital requirements have proved sensible. But as is often the case, the enforcers overdo it.