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Proceeding contribution from George Osborne (Conservative) in the House of Commons on Monday, 19 December 2011. It occurred during Ministerial statement on Banking Commission Report.

Banking Commission Report

In certain respects, they will be more regulated compared with some other regimes. Obviously, the ring-fencing requirement that we are introducing is not present in every other financial centre. However, it is an appropriate course of action for the UK, given the size of our banking system relative to our GDP—it is 500% of our GDP; the United States banking system is only 100% of its GDP. As I said, there is now quite a lot of international interest in what we are doing, so we may find that other financial centres follow our lead.

Secondary information

Type
Proceeding contribution
Reference
537 c1082 
Session
2010-12
Chamber / Committee
House of Commons chamber
Subjects
Costs Bank services Banks Competition Finance Incentives Standards Regulation Government responses Royal Bank of Scotland Financial Conduct Authority Independent Commission on Banking Payments Council
Link
View this Proceeding contribution on www.publications.parliament.uk