Richard Burgon – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Richard Burgon on 2016-02-19.

To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the likely effectiveness of the ring-fence between retail and investment banking in reducing the interconnectedness of the UK financial system; and if he will make a statement.

Harriett Baldwin

Ring-fencing will introduce a high degree of operational and economic independence between core retail banks and broader financial markets. The Independent Commission on Banking in 2011 recommended the ring-fencing of retail from investment banking to promote financial system resilience, and the Government agreed with this recommendation.