Britain’s Independent Banking Commission came out with an interim report Monday that identified the broad outline of the country’s future banking regulation. The report’s findings had been the subject of a fair amount of media speculation, fanned by reports that two of Britain’s biggest Banks, HSBC and Barclays, would decamp (respectively) to Hong Kong and New York. Many commentators saw this as a not-so-veiled threat to the Commission that draconian recommendations would compromise London’s competitiveness as a center for international banking.