UK Treasury chief to unveil plans to restructure banks to reduce risks of financial crisis

LONDON - Britain's Treasury Secretary is to tell lawmakers how the government will restructure the country's banks to reduce the risks of another crisis in the financial sector.

The Independent Commission on Banking, chaired by former Bank of England chief economist John Vickers, recommended in September that banks should separate their retail activities from riskier investment banking operations.

Chancellor George Osborne will tell Parliament Monday how the government will respond to the report. Business Secretary Vince Cable said Sunday that the government will follow the main recommendations of the Vickers report.

The British government bought up large chunks of the country's banking system after it ran into major difficulties during the 2008 credit crunch.