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The Boston Globe

Business

‘Reckless’ British bankers could face jail time

Proposals to lift standards OK’d by government

LONDON — The British government backed a set of recommendations on Monday to improve standards in the banking industry, including measures that could have bankers in Britain facing prison time for poor business decisions.

George Osborne, the chancellor of the Exchequer, said the government would adopt the wide-ranging proposals presented last month by a parliamentary commission on banking standards. Osborne had asked the commission to come up with ways to improve the banking system and make banking executives more accountable for their actions after the financial crisis and a handful of recent banking scandals.

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