The government has accepted the basic ideas of the Independent Commission on Banking, but it is proposing to water them down in the details.

Sir John Vickers, who led the commission, says he gives "two point seven cheers" to the government's implementation of their recommendations.

Speaking to the Today programme he says he believes the UK is "leading the way internationally" on banking reform. "This is a much more far reaching package" than anyone other country has implemented, he said.

He admits, however, that he "doesn't know" why the government has diluted parts of the package. "We wish they had gone a bit further on one or two points", he told Evan Davis, but "the debate continues".

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