By Huw Jones

LONDON (Reuters) - The government unveiled a blueprint on Wednesday aimed to prevent a re-run of the credit crunch that forced it to bail out banks with billions of pounds of taxpayers' money.

* Taken overall, life will be far costlier for banks that pursue risky activities as capital and liquidity charges will be much higher in the medium to longer term once markets are in better shape. It will force some banks to think twice about participating in some markets or services.

* It will also be more difficult to give employees of banks unjustifiably large bonuses.

* Banks and other financial institutions will also have to dig deeper into their pockets to pay for the pre-funded depositor protection scheme and for a new national money guidance service for consumers.

* The core lesson global policymakers have learnt from the near two-year old credit crunch is the need to have a big picture view of all the risks in the financial system so they can tackle them before markets are destabilised.

* To do this locally, Britain is proposing to simply reform rather than replace its existing "tripartite system" of supervision even though the set up failed to spot problems and build up of risks at banks like Northern Rock and Halifax.

* The three-way setup of the Bank of England, the finance ministry and the Financial Services Authority will continue but in a more formalised setting of a new Council for Financial Stability.

* Critics say this is just putting old wine in a new bottle and there is too little detail on how the new Council would work differently and better from the tripartite system.