Moves 'should keep UK as top finance centre'
The Chancellor George Osborne said that the Independent Banking Commission under Sir John Vickers had been created to find an answer to the "British dilemma" of how the country can remain one of the world's leading financial centres without exposing taxpayers to the massive costs of bailing out failed banks.
He said the Commission had produced an "impressive" final report in September, whose key recommendations he was now committed to putting into effect.
"Britain should remain home to one of the world's leading financial centres and the home of global banks," said the Chancellor. "But the strength of this industry is also a potential weakness to the economy if not properly regulated.
"The sector supports nearly one million jobs, not just in the City but across the whole of the UK."