Why Stephen Williams is wrong

Stephen Williams is the Lib Dem vice-chair of the Treasury select committee, and he has just weighed into the argument about RBS profits and the shortage of lending to small business.  "There is no excuse for RBS not to loan to good British companies that are struggling to get credit," he said. "We cannot simply allow banks to go back to business as usual while viable British firms are suffering."

He might be right in this second sentence, but he is wrong in the first.  In fact, the party is h...