Chancellor George Osborne
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Ministers back proposal on banking reform

The Independent Commission on Banking has proposed far-reaching reform of the banking system. The plan is to make British banks ring-fence their retail activity from the more risky investment business and is being backed by ministers.

The ICB said it would make it 'easier and less costly' to deal with any future banking crisis.

In a speech to the House of Commons, Chancellor George Osborne said "The government wants Britain and the City of London to be the pre-eminent global centre for banking and finance. We want universal banks headquartered here with all the advantages that brings".

  • 12 Sep 2011