In the wake of the crisis “rebalancing” was an agenda shared by both Labour and the coalition government that replaced it.2 British banking legislation went well beyond Dodd-Frank. The once widely touted FSA was abolished. Banking supervision was reincorporated into the Bank of England. The new conception of macroprudentialism did not allow for a neat distinction between regulation and economic policy functions. The Banking Reform Act of 2013 would divide up bank functions and ring-fence retail activity. Financial services were no longer part of Britain’s narrative of national success.
