How long is your arm?

The government has announced that its investments in banks will be administered through a new company UKFI that will manage them on an 'arms-length' basis. Two questions arise: 'Can the management really be independent of the influence of government?' and 'Do we want the management to be independent of government'. The answer to both questions seems to be, 'Not really'. It's doubtful if UKFI will operate like an independent bank and allow its investment companies to pursue the same kinds of policies that they once did. That's probably a good thing. It would be nice to see the banks run in a manner that the general public would find acceptable ie sticking to the knitting of sound commercial banking, largely lending on the basis of the deposits they receive and paying their staff the kinds of salaries that members of the general public think are adequate for 'indoor work with no heavy lifting'[1].

[1]I'm indebted to the books of Terry Pratchett for the formulation.