George Osborne welcomed the ICB report, which he said was impressive. He said the Government welcomes the retail ring-fence in principle. He also specifically welcomed the recommendations to make competition and switching accounts easier. He said the Government wants to have universal banks in the UK and noted the ICB does not propose higher equity requirements than those internationally agreed, where a bank has a credible recovery plan. The Government will now consult on the best way to implement the changes and will respond by the end of the year. He said the timescale for completion of reform implementation was sensible. (Source: Statement by the Chancellor on the ICB Report)