Where the words come from
The post-2008 UK reforms, ring-fencing, the independent panel's findings on safety, lending, rigidity and unintended consequences, and the government's reforms to make the regime more flexible — Independent Panel on Ring-fencing and Proprietary Trading, final report (March 2022); the government's response (December 2022); the Smarter Ring-fencing Regime consultation (2023-2024); and HM Treasury, Safeguarding Stability, Enabling Growth: The Ring-Fencing Review (May 2026). Open Government Licence v3.0. https://www.gov.uk/government/publications/independent-panel-on-ring-fencing-and-proprietary-trading-final-report and https://www.gov.uk/government/publications/ring-fencing-reforms and https://www.gov.uk/government/consultations/a-smarter-ring-fencing-regime-consultation-on-near-term-reforms and https://www.gov.uk/government/publications/safeguarding-stability-enabling-growth-the-ring-fencing-review. Changes: the panel's foreword and executive summary condensed and paraphrased; "overly rigid", "constrain the competitiveness" and "benefits will diminish" kept close to the panel's words; its findings on non-ring-fenced banks' liquidity and on regulatory arbitrage omitted; the government's position summarised from the response, the consultation outcome and the May 2026 review; the ring-fencing card from the report page's "separates core retail banking services from investment banking activities, with the aim of protecting depositors from risks arising elsewhere in the banks", with "came into force in January 2019"; the card examples are ours.
The question and the page layout are our own.