FT’s ever insightful Lex column has a wonderfully concise take down of the business lobbyist’s charge that it would be “barking mad” to implement UK banking reforms now:  “The policy conclusions follow the vision. Anti-separatists see no harm in implicit taxpayer support for a helpful industry. But reformers might say it is barking mad not to change this industry after it helped cause the deepest recession in decades. Such a view justifies much stronger proposals than mere capital ringfencing: dismantle the trading culture, restrict bank employees’ earnings and create a large not-for-profit banking system.”