By far the loudest applause at last night's Mansion House speech by the Chancellor came for the news that
It is a measure of Osborne's political skills that he has managed to persuade Sants to defer his departure from the FSA and also appointed John Vickers, the capable former head of the Office of Fair Trading to head the independent review of banking.
We don't yet know the full details of Sants' new role. He becomes a Deputy Governor of the Bank of England, and that usually means a gong at the end of his stint. But in the meantime, the banking industry can breathe a sigh of relief.
Reform is going to be gradual, not knee-jerk, and it will be overseen by a man who is very aware of how to avoid unintended consequences. Osborne 1, Banks 1. Extra time being played.
