By imposing ringfencing of balance sheets of UK retail banks from 2019, it is mirroring how HSBC structures itself.

自2019年起英国将对零售银行的资产负债表实行圈护，这借鉴汇丰架构自身业务的方式。

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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