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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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BoE Governor: UK a 'hard touch' on bankers' pay

Bank of England Governor Mark Carney said the UK already had a "hard touch" regime in relation to bankers' pay and criticised the EU cap on bonuses.

Mr Carney said the cap would partly reverse the changes that have been made to be able to recover bonuses from bankers.

It takes back some of the advantages of the approach that we have had because it will incentivise more cash compensation today - exactly the type of problem we had before - that we can't claw back.

We would rather see more deferral, more equity [share-based payout] and this ability to take it back when those risks come to light.

– Mark Carney, Bank of England Governor

He also denied the suggestion that regulators had "dropped the ball" over bankers' pay.

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