UK government set to make electric ring fence ‘virtually useless'

Andrew Tyrie MP

The UK government has published its response to the Parliamentary Commission on Banking Standard's (PCBS) report, with chancellor of the exchequer George Osborne saying the government "intends to implement the PCBS's main recommendations to address the failings [it] identified on individual accountability, corporate governance, competition and long-term financial stability".

However, the government's response today said nothing about the commission's calls for reform of the Bank of England's gov

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