7 MAY 1994, Page 23

Don't fix it

I CAN see why Rosalind Gilmore has gone to Australia and will be looking for a job when she gets back. She is the First Com- missioner of Building Societies and there may soon not be any left for her to super- vise. Lloyds Bank's descent on the Chel- tenham & Gloucester has roused the Northern Rock into action, and a round of copycat bids and deals must be starting. The Centre for the Study of Financial Inno- vation wants to merge her present job with the Bank of England's and then take it away from them both. Why bother?