London's lifelines lack coherence

The dangerously mixed messages underlying the British government's rescue attempts threaten to derail efforts to secure stability, argues Robert Pringle, the editor-in-chief of Central Banking journal.

We are told repeatedly that the government's policy is to restore the stability of the UK banking system. The policies adopted and the signals sent to markets by successive rescue packages have not been consistent with this objective.

The government's policy towards the banks has delayed rather

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