Deputy Prime Minister, Nick Clegg has shown his views towards Britain's banks and has called for their drastic overhaul. He said that the country already had enough and that it could no longer tolerate the oversized banking system that has developed in the country.

He criticized the banks to the fullest and only stopped at a point from where break-up of universal banks seemed to be the only possibility. He also said that there are numerous examples that make it a necessity to make the banks more insulated and less-risk taking. They also need to over leverage the banking activities.

Clegg was speaking infront of a committee where he along with ir John Vickers, chairman of the government-appointed Commission on Banking, were delivering speeches about redrawing the rules for the banks.

They agreed to the point that some kind of regulation is needed because this time it is the taxpayers' money that is being infested in the banks.

But on the other hand, Sir John also reiterated the point banks like HSBC, RBS and Standard Chartered should be rest assured that radical forms of narrowing down activities of bank is not going to happen.