Cable: Taxpayers must be protected from risk-taking banks

Business secretary Vince Cable comments as the government commits to implementing the Vickers report's proposed reforms of the banking sector in full:

"Sir John Vickers has produced a comprehensive plan to give the UK a more stable banking system that removes the implicit taxpayer subsidy.

"We will take forward a full programme of reform with legislation in place to implement the ring-fence by 2015.

"The potential costs of an unsafe banking system are clear to everyone.

"Our reforms will protect taxpayers from the riskier aspects of banking and boost competition without harming the ability of UK banks to lend, to invest and to compete."