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This weekend, I’m feeling somewhat vindicated. More significantly, perhaps, for the first time in quite a while, I’m also rather hopeful. Vindication comes in the form of the latest Stability Report from the Bank of England’s Financial Policy Committee, published last Thursday.

For a long time, this column has focused on the multi-billion pound undeclared losses on the balance sheets of the UK’s largest banks as the major reason why our economy remains moribund, unable to stage a recovery. The FPC has just shown that it not only agrees with that view but wants to take some action.
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