Government regulators from the US and Europe laid out their financial reform plans today before a sceptical banking industry, asking financiers for input but adamant that change was coming with or without their support.

Larger banks in the UK are resisting efforts to impose tougher capital requirements on institutions deemed “too big to fail”, it was revealed today.

British Prime Minister Gordon Brown's “blueprint” for avoiding a repeat of the financial crisis was dismissed today as “European ideas wrapped in a British flag”.

The British banking system must undergo “profound” changes if a repeat of the current collapse is to be avoided in future, the head of the City watchdog warned.

Royal Bank of Scotland shares plunged nearly 40% to a 15-year low today as speculation mounted over an imminent taxpayer-funded rescue of Britain’s banks.

British Prime Minister Gordon Brown and Chancellor Alistair Darling are to meet the Governor of the Bank of England and the Chairman of the Financial Services Authority in Downing Street at 5pm, the Prime Minister's spokesman said.

Former CBI director general Adair Turner is set to become the new chairman of the City (London) watchdog Financial Services Authority, it was reported today.