Ed Balls MP, Labour's Shadow Chancellor, responding to the interim report by the Independent Commission on Banking, said:
“I welcome this important and authoritative interim report from Sir John Vickers and his team.
“Families and businesses in Britain have paid a very heavy price for the irresponsible actions of banks around the world which caused the global financial crisis and plunged the whole world into recession. We need radical changes to ensure this can never happen again.
“As I said at the weekend there are three tests for banking reform George Osborne must pass: the protection of consumers and taxpayers, international agreement to protect jobs here in Britain and a banking system that works to support the long-term investment needs of businesses and our economy.
“As the commission itself says international agreement is vital, but so far George Osborne has failed to show the leadership we need on the world stage.
“To protect customers and taxpayers we need tough accountability and transparency and clear, workable and robust firewalls. The devil will be in the detail of the commission’s final proposals, but we must get this right.”