UK Treasury - Government response to ICB final report

On 19 December 2011 the Government published its response to the report by the Independent Commission on Banking (ICB), which sets out plans to fundamentally reform the structure of banking in the UK.  This response agrees with the ICB’s recommendations and outlines how the Government will legislate to create a stable banking sector that supports lending to businesses and families, and removes the implicit taxpayer guarantee in the event of a bank failure.

The Government will implement the ICB’s advice in stages with the full package of reforms completed by 2019.  All necessary legislation will therefore be put in place by the end of this Parliament. The Government will publish a White Paper in spring 2012 setting out further detail on how the recommendations will be implemented; in advance of that, the Government is open to views on how to implement these plans.

The Government response to the Independent Commission on Banking
http://cdn.hm-treasury.gov.uk/govt_response_to_icb_191211.pdf
Press notice 145/11: Government sets out plans to reform the structure of banking in the UK (19 December 2011)
http://www.hm-treasury.gov.uk/press_145_11.htm
Banking Reform Statement by the Chancellor of the Exchequer, Rt Hon George Osborne MP (19 December 2011)
http://www.hm-treasury.gov.uk/statement_chx_191211.htm