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As the Banking Reform Bill goes through the House of Lords, Dr James Taylor (History, Lancaster University) argues in a new History and Policy paper that political will, not tougher legislation, is needed to restore trust in the City and the state. Effective legislation already exists - dating from the nineteenth century and strengthened since 1900, contrary to popular perceptions of the Victorian era's uncontrolled capitalism. The Victorians took transgression seriously - with important economic and social effects, which today's policy makers should be aware of, argues Dr Taylor.