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Osborne vows banking 'reset'

Chancellor George Osborne says 2013 will be the year when the banking system is"reset". He wants new powers to break up the banks if they do not follow rules to ring-fence risky operations.

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Osborne: 2013 is the year we reset the banking system

George Osborne is giving a talk at JP Morgan in Bournemouth

The Chancellor has begun a speech about banking reforms, telling traders at JP Morgan in Bournemouth: "2013 is the year we reset the banking system."

George Osborne said he would increase the powers of the Bank of England, giving it "supercop" status.

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