Politics blog: Vickers report on banking reform - live

[Legal Beagles]

Rolling coverage of all the day's political developments as they happen including publication of Independent Commission on Banking report and the TUC conference
9.26am: George Osborne, the chancellor, has responding to the Vickers report. Here are the key points he made. I've taken the quotes from PoliticsHome.
• Osborne backed the report. "It's a very impressive report," he said. "I think when people read it in detail, they will see that this commission has tackled that big question that we face in Britain which is how can we be a home to successful banks that compete around the world, that lend to British families and British businesses, while at the same time protecting us as taxpayers from the cost of them going wrong and not ending up with a multi-billion pound bill when the bank collapses."
• He said that he would stick to the timetable set out by Vickers. That would mean giving the banks until 2019 to implement the structural changes proposed in the report.
• He said that he would legislate for this during this parliament. That means before 2015.

Let's get the legislation through in this Parliament and we have a commitment now to legislate, to get the rules in place while this government and this parliament is sitting and then it will take some time for the full rules to come into effect.

8.57am: "?????? ?? ???????," David Cameron said this morning. "We are stronger together". It wasn't a comment on the coalition, of course. (Have you noticed that ministers seem to have given up claiming that policies are somehow better as a result of being the product of coalition government?) He is in Russia, where he gave a speech this morning saying that he wants to "rebuild" Britain's relationship with the country. My colleague Allegra Stratton is travelling with him and she has filed a story. As she reports, a "modest rapprochement" is all he seems to have in mind.
Meanwhile, back in the UK, Sir John Vickers has published the final report from his Independent Commission on Banking and its motto seems to be "stronger apart". It wants banks to restructure themselves so that their high street banking divisions are protected from their investment banking operations - but not until 2019, which is further away than expected. George Osborne has already said that it's a "very impressive" report and that he will adopt Vickers's timetable.
Here's a full list of what's coming up today.
10am: Brendan Barber, the TUC general secretary, opens the TUC's annual conference with a keynote speech. As Dan Milmo reports, he will say trade unions should build a movement for an "economic alternative". There will then be debates on the economy and employment rights.
10.30am: Sir John Vickers holds a press conference to discuss his banking report.
2.15pm: Delegates at the TUC conference debate public services and equal rights.
2.30pm: Theresa May, the home secretary, answers questions in the Commons.
3.30pm: George Osborne, the chancellor, is expected to make a statement in the Commons on the Vickers report.
3.30pm: Norman Lamb, Nick Clegg's parliamentary private secretary, holds a briefing on the Lib Dem conference.
At some point we may also get an announcement about the next commissioner of the Metropolitan police.
As usual, I'll be covering all the breaking political news, as well as looking at the papers and bringing you the best politics from the web. I'll post a lunchtime summary at around 1pm, and an afternoon one at about 4pm.

• House of Commons
• David Cameron
• Banking
• Banking reform
• Banks and building societies
• George Osborne
• Brendan Barber
• TUC

Andrew Sparrow

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