George Osborne
Media playback is unsupported on your device
Video

George Osborne outlines banking sector changes

George Osborne has confirmed he will implement changes to the British banking system which were recommended by a government-appointed Independent Commission on Banking.

The chancellor said the government would make efforts to increase competition, remarking that last year "just four banks took 70% of the market share".

Mr Osborne also said the government would "make it easier for people to switch their current accounts", a move which "could be of benefit to millions of customers".