King calls for overhaul of UK banking system


The governor of the Bank of England today (June 29) said it was time to reform the "deceitful" UK banking industry.

Quashing calls for a detailed investigation into recent scandals emerging from British banks concerning Libor rate-setting and mis-selling, King said: "We don't need an inquiry to know what we need to do. Something went very wrong with the UK banking industry and we need to put it right."

The governor urged a thorough overhaul of the sector as he revealed the latest edition of the

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