UK's Cable vows tough action on bank pay-outs

The UK's Business Secretary Vince Cable is planning to take "robust action" on "completely unjustified" payouts by banks in Britain.

The Liberal Democrat MP has vowed to press ahead with plans to curb City worker's lavish pay and bonuses.

Speaking in today's Sunday Times, he insisted he woould not be blackmailed by bank bosses threatening to move their bases abroad to more favourable tax regimes, such as that in Ireland.