During a visit to the bank of England earlier today the Queen suggested the 2008 financial crisis was partly brought about by the fact that the City regulator, the FSA, "didn't have any teeth. " Royal Correspondent Tim Ewart reports.
During their visit to the Bank of England and their discussion of the 2008 financial crisis, the London Evening Standard reports that the Duke of Edinburgh told staff: "There's not another one coming, is there?" before adding: "Don't do it again."
Taxpayer-backed Lloyds Banking Group has revealed lower-than-expected profits after it took an additional £375 million hit to cover payment protection insurance (PPI) claims.
The 40 per cent state-owned bank has now set aside nearly £3.8 billion to deal with PPI compensation after a recent increase in the volume of claims.
Lloyds, which warned that the final cost of the PPI mis-selling scandal may change, revealed pre-tax profits of £288 million for the three months to March 31, compared with £316 million in the previous quarter and City expectations of £500 million.