Osborne demands 'electric fence' within UK banks | Bangkok Post: news

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Osborne demands 'electric fence' within UK banks

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Britain's banks will be broken up if they fail to ring-fence retail operations from their investment divisions to avoid any future state bailouts of lenders, Chancellor of the Exchequer George Osborne warned on Monday. 

A bus passes the Bank of England in the City of London. Britain's biggest banks will face being broken up if they fail to ring-fence their retail and investment arms, George Osborne warned on Monday.

As the government formally published legislation aimed at radically altering the landscape of Britain's financial sector, Osborne used a speech to say that "2013 is the year when we re-set our banking system."

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