Chancellor of the Exchequer, George Osborne, made a statement to the House of Commons on Monday 12 September on the final report of the Independent Commission on Banking.
Shadow Chancellor of the Exchequer, Ed Balls, responded to the statement on behalf of the Opposition. Watch and read the statement and the views expressed by MPs on Parliament TV and in Commons Hansard.
Independent Banking Commission
On 16 June 2010, the Chancellor of the Exchequer announced the creation of the Independent Commission on Banking, chaired by Sir John Vickers.
The Commission was asked to consider structural and related non-structural reforms to the UK banking sector to promote financial stability and competition, and to make recommendations to the Government by the end of September 2011.
The Commission’s Final Report was published on Monday 12 September 2011, and included the recommendation that retail banking activities in the UK should in future, be structurally separated, by a ring-fence, from wholesale and investment banking activities in the UK.
Oral statements are made after Question Time (or at 11am on a Friday). Statements normally relate to matters of policy or government actions. At the end of a statement, MPs can respond or question the government minister on its contents.
Image: Parliamentary copyright