Governor demands overhaulas British banking industry accused of ‘deceitful’ practice

Bank of England governor Mervyn King launched an attack on the British banking culture yesterday, saying something had gone very wrong with an industry which he derided for resorting to “deceitful” methods to make money.

Mr King, the country’s most powerful monetary official, said a fundamental overhaul was needed for a sector that is reeling from a string of financial scandals.

The banking industry is one of the largest cogs in Britain’s economy and has thrived over the past decades in a climate of free market laissez-faire.