“Ringfencing” is the word of the day – in the City of London at least. On Wednesday night, chancellor of the exchequer George Osborne will get his annual opportunity to excite, extol or excoriate the financial sector in his Mansion House speech. He’s expected to endorse proposals to “ringfence” banks’ deposit-taking and payment systems from their riskier investment banking arms. The aim is to keep customers’ savings safe in any future financial meltdown.
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