UK chancellor backs ring-fencing of banks

George Osborne, the chancellor of the exchequer has endorsed proposals to ring-fence British banks' retail operations, to separate them from investment.

Commending the Independent Commission on Banking, led by Sir John Vickers, for its work, Osborne said the government has supported several key proposals made in the interim report published in April.

Osborne said that a ring-fence should be formed "around better capitalised high street banks to make them safer, and to protect their vital

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