Press Assoc.
Bank of England Governor Mervyn King launched an attack on the banking industry's failure to reform despite "breathtaking" levels of taxpayer support.
Despite almost £1 trillion spent propping up banks, Mr King said: "To paraphrase a great wartime leader, never in the field of financial endeavour has so much money been owed by so few to so many. And, one might add, so far with little real reform."
He said the the "massive support" to the global banking sector was "necessary to avert economic disaster" but warned it had created "possibly the biggest moral hazard in history". His comments came as City firms prepare for bumper bonus payouts a year on from the near-meltdown, helped by rising stock markets and a lack of competition.
A report said the City was expecting a 50% rise in annual bonuses to £6 billion.
"The Nineteenth century saw a great Springtime of Nations as the revolutions of 1848 saw new countries created the length and breadth of Europe. In our world today we are now seeing our own Spring Awakening with people and cultures that have long been dormant and subdued asserting their right to exist, their right to dream." Adam Price MP
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