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Artist or CreatorPeter Schrank
Title or CaptionNo caption
Extent1 item
Published byThe Independent
Date13 Sep 2011
Embedded text or transcriptVickers Report
We'll make him virtuous but not yet
Person DepictedOsborne; George (1971-)
Implied textFat cats of capitalism
NotesNews: "...Britain's banks will be given until 2019 to implement sweeping reforms designed to ensure taxpayers never have to bail them out again, George Osborne announced yesterday. The Chancellor rejected Labour charges of "foot-dragging" and promised that all the legislation to bring in the changes would be on the statute book before the next general election, due in 2015. He welcomed in principle yesterday's blueprint from the Independent Commission on Banking (ICB), that called for firewalls to be built between the banks' high street and riskier investment operations. It also said the large retail banks should have bigger "cushions" so they can absorb losses or survive a future financial crisis. The commission, chaired by Sir John Vickers, called for a new system to help customers to switch current accounts through a free redirection service to be formed by September 2013 and said the sell-off of hundreds of Lloyds branches should be used to bring in a competitor. The cost of the changes was estimated at between 4bn pounds and 7bn pounds. ..." The Independent
SubjectsChancellor of the Exchequer
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Canary Wharf
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GB/BCA/8134Osborne; George (1971-)1971-  
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