Osborne Backs Jail for ‘Reckless’ Bankers as Rules Toughened
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U.K. Chancellor of the Exchequer George Osborne backed tougher rules for the banking industry, including legislation to jail reckless bankers and giving regulators the power to defer bonuses for as long as 10 years.
In its response to the recommendations of the Parliamentary Commission on Banking Standards, the government said today it plans to implement the main findings, with new laws if needed.