Men with umbrellas outside branch of RBS
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George Osborne confirms banking changes

Chancellor George Osborne has said he will implement most of the recommendations of the Vickers banking report , to try to prevent a repeat of the 2008 banking crisis.

Mr Osborne said he would introduce a ring-fence mechanism to protect retail banking from riskier investment activities and he also said state-owned RBS would reduce the size of its investment bank.

Robert Peston reports.