Barclays boss warns against over-regulation

Piling too much regulation on banks could push up the cost of credit and damage the economy, the head of banking giant Barclays said today.

Piling too much regulation on British banks could push up the cost of credit and damage the UK economy, the head of banking giant Barclays said today.

Chief executive John Varley told MPs on the British Treasury Select Committee that overburdening the financial sector could make banks "risk-averse" and lead to "unacceptable" borrowing costs for consumers.