Establishing the Commission was one of Mr Osborne's first acts as Chancellor and with its remit of recommending ways of making the British banking system safer and more competitive, it immediately became a focus of attention for the country's largest banks. Speaking in the Commons on Monday afternoon, the Chancellor described the problem he had set Sir John and the other four commissioners as the "British dilemma" and praised the report as "an impressive piece of work".

"They have come up with an answer to the question of how Britain can be the home of successful international banks that lend to families and businesses – without exposing British taxpayers to the massive costs of those banks failing," said Mr Osborne. Over the course of 363 pages the report set out a package of reforms the Commission says will do just this, namely: the imposition of ring-fences around the...Read more on todays story----> Sir John Vickers comes up with an 'impressive' solution to Chancellor George Osborne's 'British dilemma'