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UK chancellor agrees to shake up banking industry

12-20-2011 08:27 BJT

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UK Chancellor George Osborne has revealed wide-ranging proposals to shake up Britain's banks, forcing lenders to form barriers between their retail operations and riskier investment arms to protect ordinary customers from any future crisis.

Osborne says he backs the plans despite warnings the move could harm the economy. He says the Independent Commission on Banking was set up last year to conduct a full review of the sector after the financial crisis four years ago left banks, including the Royal Bank of Scotland and Lloyds, needing bailouts.

The reforms could cost the sector up to 7 billion pounds, prompting fears they will slow lending at a time when the economy is in danger of sliding into recession.

Osborne says he backs the plans despite warnings the move could
harm the economy.


Editor:Zhang Rui |Source: CNTV.CN

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