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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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George Osborne sends warning to UK banks

Britain's banks were warned today that they would be broken up if they didn't separate their high street operations from their riskier investment banking arms.

Chancellor George Osborne said it was to protect the taxpayer, who would never again bail them out.

ITV News Business Editor Laura Kuenssberg reports on the banking reforms:

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