Osborne warns banks on ring-fencing

Press Association
George Osborne
George Osborne

Britain's biggest banks will face complete separation if they flout new rules to ring-fence risky operations from savers' deposits, the Chancellor is to announce.


The new legislation will give the Government and a new banking watchdog powers to "electrify the ring-fence" if banks fail to split high street branch operations from the dealing floor. Launching the Banking Reform Bill, George Osborne will tell traders at JP Morgan in Bournemouth there will be no more "too big to fail".
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