UK government to accept banking reforms in full, says Cable

19 December 2011

The extensive reforms to the British banking system put forward in the Independent Commission on Banking report will be approved by the government today (19 December).

The Business Secretary Vince Cable confirmed the ICB proposals, made by Sir John Vickers in September, will be rubber stamped by the Chancellor George Osborne today. Speaking on the Andrew Marr show on BBC TV yesterday Cable said: "Our big banks were at the very centre of the financial crisis, what the Europeans call Anglo-Saxon financial capitalism."

The main proposals involve separating the retail and investment banking operations behind so-called 'chinese walls' in order to give ordinary consumers greater protection in the event of any crisis in the future and higher capital adequacy rules in comparison to the Basel III stipulations. None of the ICB regulations are due to come into force until 2019.

By Gary Cooper

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