Tories give their full support to Obama’s plans

THE Tories yesterday threw their weight behind Barack Obama’s plans to break up Wall Street institutions and hinted that a Conservative government could follow suit.

“This is a welcome move by President Obama that accords very much with our thinking. I have said consistently that we should look at separating retail banking from activities like large scale propriety trading – and that this was best done internationally,” shadow chancellor George Osborne said.

He added: “Gordon Brown has repeatedly opposed the specific action which President Obama has today announced.”

The Treasury has consistently said it does not support breaking up investment banks.