Labour plans to refer banks to competition authorities

Labour plans to refer high street banks to the competition authorities immediately if elected in 2015, the party leader is expected to say in a speech on banking reform.

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Labour calls for Osborne to block RBS bumper bonuses

Labour are calling for George Osborne to prevent the Royal Back of Scotland giving bumper bonuses worth more than salary levels to senior staff members.

Chancellor George Osborne with Danny Alexander in December last year.

Royal Bank of Scotland, 81% owned by the taxpayer, is expected to invoke a clause in the new EU rules on bankers bonuses whereby any bonus worth twice the level of annual salary can only be awarded with shareholder approval, The Financial Times reports.

As Chancellor, Mr Osborne is effectively the heavily lossmaking bank's main shareholder.

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