The loneliness of the long distance regulator

Lord Turner, a decent, thoughtful regulator, told the Treasury select committee yesterday that

there should instead be a "tax on size" by requiring the big banks to set aside more capital when they expanded beyond a certain size.

Quite right too, and nice to see an idea I championed being mentioned in such august circles. The bad news is that

Turner also warned the MPs that the radical changes to regulations needed in the wake of the banking crisis may not take place because of the emergence of green shoots of recovery and "exhaustion".

Regulatory reform is a marathon not a sprint and I share Turner's doubts that we have the stamina to do a good job at it.