George Osborne, chancellor, welcomes the Independent Commission on Banking report and indicated that the government plans to stick to it:
"Let's get the legislation through in this parliament and we have a commitment now to legislate, to get the rules in place while this government and this parliament is sitting and then it will take some time for the full rules to come into effect.
"This commission has tackled that big question that we face in Britain, which is how can we be a home to successful banks that compete around the world, but lend to British families and British businesses, but at the same time protecting us as taxpayers from the cost of them going wrong, and not ending up with a multi-billion pound bill when the bank collapses.
"I think the commission has done a very good job.
"The government will now get on with implementing the Vickers report."