Banks' record profits should be a cause for celebration, one of Gordon Brown's closest allies declared last night, as he pledged strong support for the sector by asking "what more" government could do to help it.
In a departure from the approach previously taken by the chancellor, Ed Balls, the economic secretary to the Treasury, assured the British Bankers Association the government did "not view bank profits as undesirable". The cyclical nature of banking meant strong profits were "an essential part of keeping the sector sound and stable", he said.
