Reckless bankers could face jail under new proposals
The Banking Commission says that senior bankers at state owned banks who are guilty of reckless actions should go to jail.
G8's position on tax could prove difficult to deliver
The G8 has just published its statement on tax avoidance and transparency and it is not yet clear what impact he deal will actually have.
Co-op boss talks to ITV News about bank's 'bail-in'
The boss of The Co-operative Group, Euan Sutherland, has spoken to ITV News about the group's rescue deal for its bank.
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Ofcom to investigate BSkyB after BT Sport complaint
The battle for armchair sports fans escalated after the telecoms regulator Ofcom launched an investigation into BSkyB's alleged refusal to share its Sky Sports channels with BT on "fair terms".
Ofcom said it has opened an investigation into Sky's "alleged abuse of a dominant position" regarding the wholesale supply of Sky Sports 1 and 2 - its flagship sports channels.
BT wants to offer Sky Sports via YouView set-top boxes to complement its own newly-launched sport offer.
But BT said Sky will not allow the channels to be broadcast over BT boxes unless it offers its rival wholesale access to its own BT Sport channels in return.
Ofcom said it will "consider whether Sky has abused a dominant position under UK and/or EU competition law".
The regulator added it will decide by next month whether to grant "interim relief" - which could temporarily give BT access to Sky Sports.
PM backs plans for reckless bankers to face threat of jail
by Laura Kuenssberg - Business EditorIf you were wondering how many of the ideas put forward by the Banking Commission the Government would take on, the Prime Minister has just made it pretty plain that the plan to create a new offence that could see senior bankers end up in jail will become law.
At Prime Minister's Questions, David Cameron has just suggested that the Government will back the measure, although any new law would almost definitely not apply retrospectively.
So despite the fact the plan has clearly been designed with the former behaviour of bankers like Fred Goodwin in mind, it will not apply to them or any of the other top bosses at the time of the financial crisis.
Almost all of them have departed from their posts already, their reputations severely damaged. But despite some appetite from politicians and some members of the public, it is unlikely any of them will end up behind bars.
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Royal Mail workers vote to boycott competitors
Royal Mail workers have voted to boycott competitors' mail and strongly oppose privatisation of the company, the Communication Workers Union said today.
A CWU statement said the ballot had seen a 74% turnout and the boycott received 92% support.
In response to the question "Do you oppose the privatisation of Royal Mail?" some 96% of those polled voted yes.
“Today’s ballot result shows we have resounding support for all the union’s policies," said Billy Hayes, CWU general secretary.
"This is a strong message to take forward action in each area to improve the working lives of postal workers and protect the services and jobs which customers and communities value.”
City of London: Report has 'some sensible suggestions'
The City of London Corporation welcomed the Parliamentary Commission on Banking Standards report, saying it has put forward "some sensible suggestions" on incentives, improved accountability and increased competition.
Policy chairman Mark Boleat said: “It is important, however, to note that much work has already been done in this area and the impact of past reforms should be properly assessed before more changes are introduced.
"What the banking sector needs is clarity and certainty from policymakers over the future shape it will be required to take in coming years.
"The City Corporation stands ready to help facilitate dialogue to explore how to implement these recommendations”.
Community banking 'would tackle bonus culture'
Reckless bankers should be jailed, a long-awaited report on banking commissioned by the government has recommended.
David Fishwick, who starred in documentary series Bank of Dave, has told Daybreak that "we wouldn't need this bonus culture [if we had a community bank in each town and city]. "
He added: "People who rob banks go to prison but banks that rob people get paid bonuses and that really has to stop. We need to go back to community banking."
Bonuses could be deferred for 10 years under proposals
The Banking Commission has recommended a new pay code that could see bonuses deferred for 10 years and powers to cancel outstanding financial awards in the case of a taxpayer bailout.
However, the commission called a bonus cap "crude" and unworkable.
Chairman Andrew Tyrie said: "Recent scandals, not least the fixing of the Libor rate that prompted Parliament to establish this Commission, have exposed shocking and widespread malpractice.
"Taxpayers and customers have lost out. The economy has suffered. The reputation of the financial sector has been gravely damaged. Trust in banking has fallen to a new low".
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Osborne welcomes 'very impressive' banking report
Chancellor George Osborne has welcomed the Banking Commission's report, calling it "very impressive work".
He wrote on Twitter:
Welcome banking commission report into standards which we called for last year.V impressive work.Will help our plan for stronger safer banks
From @George_Osborne on Twitter:Labour MP says banking report doesn't go far enough
Labour MP John Mann, who sits on the influential Treasury Select Committee, said the Banking Commission's report does not go far enough:
Banking commission fails to get to grips with the fundamental issue: why banks can take huge risks and get away with wrecking the economy
From @JohnMannMP on Twitter:Banking commission dabbles with banking culture but avoids dealing with bank power
From @JohnMannMP on Twitter:Two key banking commission omissions: accountability and transparency
From @JohnMannMP on Twitter:Ed Balls backs proposals to jail reckless bankers
The shadow chancellor Ed Balls has said that proposals to jail reckless bankers "is the way forward."
Mr Balls added: "The challenge now is to make sure we don't have a repeat of these issues in the future. The Government needs to act now."
Govt under fire for 'political interference' in RBS
Radical plans to split Royal Bank of Scotland (RBS) into a "good" bank and a "bad" bank must be looked at immediately as part of an urgent rethink of Government plans for privatisation, according to an influential Parliamentary commission.
In its keenly-awaited final report, the Commission on Banking Standards stopped short of recommending a full break-up of RBS, but said the option must be considered as it warned current plans to return RBS to the private sector risked being "insufficient".
The Government also came under heavy fire for "political interference" in RBS and fellow state-backed lender Lloyds Banking Group, with the report calling for the body in charge of managing the taxpayer stakes to be scrapped.
