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The cost of mortgages and banks charges could be set to rise under new plans to be revealed by George Osborne today. The chancellor will unveil plans for a banking revolution designed to prevent a future City crisis ‘spilling on to our high streets and putting taxpayers’ money at risk’. But the Treasury admitted customers may have to pick up some of the £7billion-a-year bill for the reforms, which aim to stop any repeat of the 2008 banking meltdown. A White Paper today is expected to accept the ‘vast bulk’ of the recommendations made by last year’s Independent Commission on Banking – although the most radical reforms will not come in until 2019. The plans stop short of breaking up the banks completely, as some critics had demanded...Read more HERE
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