The public must end criticizing banks in order to allow the proper functioning of the financial system, UK Business Secretary Peter Mandelson said.
UK banks and their executives were widely criticized for failing in their duty and for receiving huge bonuses in the wake of the British economy falling into a worst recession since the World War II.
Speaking to reporters, Mandelson said, The banks have received a well-deserved bloody nose from public opinion and the government and, given the impact on business and jobs, I am hardly one to sympathize.
According to him, stronger regulation requires more transparency, less complexity, fewer big bonuses and better corporate governance.
As this framework falls into place - and given a new generation of executives - banks need the space and time to get on with their work.
Over the weekend, protestors marched on the streets of London demanding governments must take tougher actions with banks. There are fears that the G20 meeting, to be held on April 2 in London would be disrupted by violent protests.
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