Following the Vickers' banking report and suggestions from the Independent Commission on Banking the the UK chancellor of the exchequer George Osbourne
announced reforms to the banking industry "Our objective is clear. We want to separate high street banking from investment banking, to protect the British economy, protect British taxpayers and make sure that nothing is too big too fail.
Already the government has signalled
failure of their own reform The chancellor appears to have handed a major concession to HSBC, the biggest bank in the UK, which had warned it might shift its headquarters out of London because of regulatory reforms, including those heralded by the Independent Commission on Banking.
Banks 1, taxpayer 0
