Timing of UK banking reforms 'barking mad', says business lobby group

Darkening clouds over the UK economy mean the British government would be "barking mad" to press ahead with proposals to reform the banking industry, the director general of the CBI business lobby group said today.

Speaking before next month's report by the Independent Commission on Banking (ICB) on how to increase stability and competition in UK banking, John Cridland said "unilateral" changes to regulation could threaten the fragile recovery.