According to the AP the British government says it will legislate sweeping changes in banking regulation that are aimed at protecting the economy from excessive risk but could prove costly for the country's major banks.
Treasury chief George Osborne, speaking in Parliament on Monday, confirmed that the government will press ahead with changes recommended by the Independent Commission on Banking, including the separation of retail banking from riskier investment banking.
Osborne left many details still to be decided, but promised that the government would publish legislative proposals in the first half of next year and enact them by 2015. New regulations would be effective in 2019, as the Independent Commission proposed…..
Read more: http://www.businessinsider.com/london-bank-regulation-osborne-2011-12#ixzz1h0Mk32Vb
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