Osborne and Cable clash over bank reform

George Osborne and Vince Cable are set to go head to head over the Vickers' report into banking reform, as they debate the timetable for ringfencing retail banking operations.

Advisers close to Cable said the business secretary would not accept any delay in bank reform, according to the Financial Times.  It was revealed by the paper last week Chancellor Osborne was considering a plan to endorse strict ringfencing while giving banks a long timeframe - probably until 2019 - to implement the rules. Treasury officials told one senior banker they believed the compromise being considered by the chancellor would satisfy Cable's demand for meaningful banking reform. However, it would also give the sector some breathing space by pushing back the deadline for impleme...