LONDON (AP) — The British government announced its proposals for reform of the U.K. banking industry on Thursday, aiming to prevent a repeat of the crisis which forced taxpayers to bail out two major banks in 2008.

The government said it will legislate to isolate retail banking from riskier investment banking activity. That step was a key recommendation of the Independent Commission on Banking to protect taxpayers from bearing the cost of bank failures and to protect the savings of ordinary depositors.

Recommended Stories

Fraudulent Wedgewood poll boosted Troy Jackson as Democrats angled to succeed Platner

Nikole Hannah-Jones has the wrong cure for failing black schools

AOC doubles down on radical transgender activism