... or investors could just invest directly in businesses.

From City AM:

But banks warned that hanging this [empty] threat over the industry cannot be good for long-term prosperity.

"This will create uncertainty for investors, making it more difficult for banks to raise capital which will ultimately mean that banks will have less money to lend to businesses," said Anthony Browne, chief of the British Bankers’ Association.

"What banks and business need is regulatory certainty so that banks can get on with what they want to do, which is help the economy grow. This decision will damage London’s attractiveness as a global financial centre."

The added irony being that of all bank lending, less than ten per cent is to "businesses", ninety per cent of it is mortgages secured on land.