Going out with a bang: King fires parting shot at banks

Outgoing Bank of England (BoE) governor Sir Mervyn King has accused banks of attempting to influence financial regulation by putting pressure on senior politicians - including the Prime Minister.

In his final public comments before stepping down - King is being replaced by Canadian Mark Carney next month - the governor said some banks had contacted Downing Street to protest against upcoming regulatory decisions. These included a requirement from the BoE that banks raise billions in additional capital. Five of the biggest banks need to raise an extra £13bn to meet the new regulations, according to the latest estimates. "It is...