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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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Carney 'agrees' bonus cap is not right way to control pay

Bank of England Governor Mark Carney said that he "absolutely" agreed with the Parliamentary Commission's comments on the EU bonus cap that concluded: "We're not convinced that a crude bonus cap is the right instrument for controlling pay."

He also said that he had "no reason to disagree" with comments from the Independent Commission on Banking (ICB) that capping market share and balance sheet size "would not result in substantial improvements to competition in retail banking in the UK."

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