The Independent Commission on Banking introduced new banking requirements, which will cost British banks some £7B.
In order to make the UK’s banking system more secure, retail banks should be “ring-fenced”. UK banks should also “have a 'loss-absorbing capacity' of at least 17%-20%”.
The latest global financial crisis damaged the UK economy and made the authorities concerned about the stability of the country’s banking system. George Osborne, Chancellor of the Exchequer, approves the new requirements, saying that the UK’s banking sectors desperately needs such reforms.
FOREX.
In the meantime, the British Pound keeps losing its value against the US Dollar. According to the Department of Masterforex-V trading system , GBPUSD is forming a mid-term downswing – wave A(C ). After breaking below the long-term support at 1,578 it formed a bearish FZR, thus initiating a long-term downtrend. The “long-term” MF pivot 1,5750 will help to determine how serious the bears are and how far they want to go. The current wave A (C ) will be over when the price comes out of the external MF sloping channel (as shown below):
