George Osborne: We want 'safer banks'

The commission set up by the government to find ways of preventing a repeat of the financial crisis in 2008 has published its interim report.

It recommends that Britain's biggest banks be made to put divisions vital to the economy, including business lending, savings and money transactions, into separate subsidiaries, to protect them from financial speculation.

The Chancellor, George Osborne, denied the Independent Commission on Banking's proposals would safeguard the existing banking system.

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