Vickers has done for banking, now we must tackle pensions!

A very quick take (it's my day off) on the Government's announcement over the weekend that it intends to implement 'in full' the recommendations of the Vicker's Commission on Banking.

In effect this means we are having a 'Glass Steagall-lite' ringfencing of investment banking from retail banking in the UK.

Two points. Firstly, this is welcome news (well, not for the banks but the rest of us should be happy!) but the worry is that full implementation does not start until 2019. Plenty of time for the influential banking lobby to try and water down the proposals. This Government (or for that matter any future Government) must stand firm.

Secondly, the Observer's story yesterday concerning a leaked powerpoint presentation for the Government put together by Dr Christopher Sier, which details the secret fees being charged on pensions contributions is, to say the least, alarming. Apparently, "the charges are spreading and are so steep that savers may find they get less back in retirement than they invested in savings accounts and pensions over their lifetimes."

All this proves that it is not just those involved in trading complex credit derivatives that need to be brought into line.

A good day to bury big news!

What is today’s big news story? Most will argue that the one day strike by public sector workers is the leading story today and it looks like the Government would be desperate to agree with you.

Francis Maude, architect of public sector pension reform, was all over my TV this morning and I notice that his name, along with Mark Serwotka of the Public & Commercial Services Union, is currently trending on Twitter.

But hang on what’s this? An alert hits my inbox with news about the BskyB bid from Rupert Murdoch’s News Corporation which many believe is a distinct threat to media plurality. Apparently, “Jeremy Hunt gives green light to takeover”.

Would this be the same BskyB bid that generated more than 40,000 submissions for the Department of Culture, Media & Sport consultation; the same deal that has already seen off Business Secretary Vince Cable, embarrassed Cameron with tales of horse riding in the Cotswolds and cosy Christmas dinners with Rebekah Wade Chief Executive of News International?

Is this the same deal that hundreds of thousands of people have signed petitions about calling for a full independent investigation and a the deal that is opposed by Trinity Mirror, BBC, Guardian Media Group, Telegraph Media Group and Daily Mail publisher Associated News and Media?

The Government wouldn’t be trying to bury this story would it?