What's more, ringfencing implies that the overseas activities of Britain's banks will be allowed to fry.

ECONOMIST: British banks

Ringfencing could also be an aspirational statement about how the global banking system should evolve.

ECONOMIST: British banks

Later, Labour spokesman Baroness Billingham attacked Education Secretary Michael Gove for removing "ringfencing" of funding for school sport.

BBC: Peer: Girls 'missing out' in sport

One hope is that ringfencing will stop the subsidy that investment banks get by piggybacking on retail banks' state-underwritten balance-sheets.

ECONOMIST: British banks

The importance of these activities is clear, but even advocates of ringfencing accept it is not a magic cure that will get taxpayers off the hook.

ECONOMIST: British banks

The prime minister again promised to honour his pledge not to cut universal benefits for pensioners - such as free bus passes and winter fuel payments - effectively ringfencing this part of the welfare budget.

BBC: Conservative conference: Cameron in benefit cuts warning