Osborne welcomes 'very impressive' banking report

Chancellor George Osborne has welcomed the Banking Commission's report, calling it "very impressive work".

He wrote on Twitter:

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Welcome banking commission report into standards which we called for last year.V impressive work.Will help our plan for stronger safer banks

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Proposals to jail reckless bankers

Senior bankers should be personally responsible for malpractice, with a new criminal offence of reckless misconduct in the management of a bank that carries a custodial sentence, the Banking Commission has concluded in its final report.