Old Lady denies reports of government criticism

The Bank of England countered reports published over the weekend that an unnamed senior Bank of England official had said low government morale was blocking plans for a fundamental overhaul of the financial regulatory system.

The Bank of England described reports as "complete nonsense" on Monday. The British Treasury also rubbished the claims.

A senior but unnamed Bank official was cited in the Sunday Times newspaper, as its source. According to the source, Gordon Brown, Britain's prime minis