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".