In a speech warning of the need for EU reform, Chancellor George Osborne said that EU rules on bankers' pay would lead to a "Fred Goodwin-style situation" in which money would not be recoverable
"These European rules will not lead to bankers being paid less," he said. "What they will lead to is a Fred Goodwin-style situation where you will not be able to get money back off bankers when things go wrong."
"That is precisely what we have been trying to get away from in Britain," the Chancellor added.
More top news
Nobel-prize-winning schoolgirl Malala Yousafzai has said she is a proud Brummie, as a new portrait of her was unveiled in her adopted home.
The Filipino girl group lost out to Lauren Murray in the sing off after receiving the lowest number of votes.
Shoppers in the UK are expected to spend almost £1bn online tomorrow for Cyber Monday as a weekend of discounts comes to an end.