UK: Parliamentary Commission on Banking Standards - a response from the Chancellor

The Chancellor delivered his annual Mansion House speech yesterday evening: see here. He commented on the final report published earlier in the day by the Parliamentary Commission on Banking Standards and stated:

"...The Commission’s central judgment is absolutely right. As they put it: 'High standards in banking should not be a substitute for global success. On the contrary, they can be a stimulus to it. There’s a lot of detail here – I will respond more fully next month. We’ve already supported the recommendations on new criminal sanctions and cancelling bonuses where banks are bailed out. And let me be clear: where legislation is needed, the Banking Bill currently before Parliament will be amended to ensure the recommendations can be quickly enacted."