Jaguar Land Rover Creates Jobs As Sales Surge

Jaguar Land Rover is to create 800 new UK jobs in what the Government has described as "a welcome boost" for the car industry.

It comes as the Indian-owned but British-based car maker reported record global sales, and follows news last week that Japanese car maker Honda is to slash 800 jobs at its Swindon factory.

Jaguar Land Rover said the jobs, at its Solihull plant in the West Midlands, where it has already invested £370m, would support the introduction of new models this year.

More than 200 of the new West Midlands roles would be supported by the Government's regional growth fund, which recently awarded the business £8m, the car maker said.

Jaguar Land Rover said global sales had leapt 30% in 2012, when it sold 357,773 vehicles.

The group said China was now its biggest market and had seen a 70% jump in sales last year.

The car maker announced last year it would start manufacturing vehicles in China for the first time, after agreeing a £1bn joint-venture with Chinese car maker Chery.

It said Land Rover sales grew 36% globally, with the top five markets in China, the UK, US, Russia and Italy, while Jaguar sales were up 6%.

Jaguar Land Rover has taken on 8,000 people in the last two years, and now employs 25,000 people around the world.

The Jaguar Land Rover production line at the company's Solihull plant

Production started at Jaguar Land Rover's Solihull plant in 1948. The site covers 300 acres where the Range Rover, Range Rover Sport, Land Rover Defender and Discovery are all made.

Tata bought the group from Ford in 2008, in a £1.1bn deal.

Responding to the announcement, Business Secretary Vince Cable said: "Jaguar Land Rover's creation of 800 new jobs in Solihull to support new product development is a welcome boost for the UK automotive industry.

"The company's investment of £2bn this year and 8,000 new jobs over the last two years shows how JLR goes from strength to strength.

"With support from the Government's Regional Growth Fund, it's a clear demonstration of where the Government working in partnership with the private sector can make a real difference to the UK economy."

Unite's assistant general secretary Tony Burke said: "Although the contracts are for one year, we hope that we can convert them into well paid, permanent jobs in the future.

"The Evoque is a very successful export leader so there is no reason why that can't happen in the future.

"The workforce at Solihull are highly skilled and have made a massive contribution to the success of the company here in the UK."

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Corporate Tax: Firms 'Pay Less Than In 2009'

The corporate tax rate paid by leading British companies has fallen for the fourth year in a row, according to new research.

A study by accountancy group UHY Hacker Young showed that the average rate of firms in the FTSE 100 was 24.5%, compared with 35.8% in 2009.

The report studied the value of a company's global taxes charged as a percentage of global profits, to produce an "effective tax rate".

The increasing international nature of the FTSE 100 means companies are generating greater profits overseas, allowing them to take advantage of lower tax rates abroad, said UHY Hacker Young.

Roy Maugham, head of the group's tax department, said: "Companies have a duty to their shareholders to keep costs low, and tax payments are a major cost.

"Companies are always exploring ways to make their tax payments as efficient as possible, which has helped chip away at their effective tax rates. Companies have also been given a hand by governments around the world.

"International competition to attract corporate tax revenues is as fierce as ever, with countries offering new enticements to businesses in the form of allowances, reliefs, or tax cuts. This means the overall FTSE 100 effective tax rate is pushed lower and lower."

Mr Maugham said the Government had made efforts to improve the attractiveness of the UK tax regime to business, such as reducing corporation tax, but he added that there was still "some way" to go.

More than 20 companies left the UK for tax reasons between 2007 and 2011, and very few have returned, the report added.

The claimed reduced rate of tax paid by top firms comes shortly after increased public awareness of the UK tax paid by major foreign multinationals.

Last year, MPs questioned leading executives of Amazon, Google and Starbucks over their UK corporation tax.

Starbucks later announced a decision to give £10m annually to HM Revenue and Customs, which was slammed by critics as a "donation".

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Rory McIlroy Signs Nike Deal 'Worth £156m'

Golfer Rory McIlroy has landed a major sponsorship deal with Nike, reportedly worth up to £156m.

The exact value of the agreement may not be revealed when it is formally announced in Abu Dhabi.

But reports say it will earn the 23-year-old anywhere from £62m in a five-year contract to, according to The Sun, as much as £156m over 10 years.

The larger figure would dwarf Tiger Woods' £124m 10-year deal with Nike. It is also significantly bigger than the estimated £100m lifetime deal David Beckham has with Nike's rival, Adidas.

The Northern Irish star, whose girlfriend is Danish tennis player Caroline Wozniacki, has become hot property after winning two of golf's majors in two years, the US Open and the US PGA.

By becoming the face of Nike the player is expected to boost the sportswear firm's sales of clubs, balls and clothing in the US market, where he has a large fanbase.

However, it has been reported the star, whose partnerships have included deals with Santander, will be barred from taking other endorsements as part of the agreement.

McIlroy reportedly earned more than $13m (£8m) in prizes last season, with a further $12-15m (£7.4m-9.3m) in endorsements and appearance payments.

He is currently ranked number one in the world golf rankings, with Woods in second.

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Ashley's Sports Direct Drops Wall Street Bank

By Mark Kleinman, City Editor

The retailer led by Mike Ashley, billionaire owner of Newcastle United FC, is parting company with the Wall Street banking giant that helped it float on the stock market six years ago.

I understand that Sports Direct International has quietly ended its corporate broking relationship with Bank of America Merrill Lynch (BAML), one of the main players in the City's important corporate broking market.

Sports Direct was set up by Mr Ashley in the 1980s, since when it has become a powerhouse on Britain's high streets, emerging as a big winner despite the torrid economic backdrop.

The decision to terminate the relationship is understood to have been mutual, and brings the curtain down on one of the more colourful episodes in the recent history of corporate broking. In 2007, shortly after Sports Direct became a public company, a £200,000 legal bill was settled in Merrill Lynch's favour following a game of spoof between the bank and Mr Ashley.

Mr Ashley, who acquired a small stake in Rangers, the Scottish third division team, during its recent stock market listing, has profited from the demise of several of Sports Direct's rivals, including JJB Sports, which collapsed into administration late last year.

Insiders said that Oriel's role as joint broker to Sports Direct, which began last June, is not under review, and added that a joint broker to work alongside Oriel was likely to be appointed "at some point down the line".

Newcastle United owner Mike Ashley

Sports Direct recently appointed a former Merrill Lynch banker, Jeff Blue, to take on a key executive role developing the company's expansion strategy. Mr Blue was among the team that worked on the Sports Direct flotation.

The role of corporate brokers is to act as intermediaries between company executives and institutional shareholders, which banks hope will then lead to more lucrative work with clients such as advising on mergers and acquisitions and capital-raising activity.

Sports Direct has been among the more successful initial public offerings in London in recent years, having risen more than 30 per cent since the flotation.

The company has, however, had a rough ride from investors over plans for a new share bonus scheme that could see Mr Ashley, the company's executive deputy chairman, reaping a fortune worth more than £40m if he and the company meet performance targets. A new vote on the scheme is due shortly.

Sports Direct and BAML both declined to comment.

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Detroit Motor Show Gets Into Gear As Sales Up

Global car firms have descended on America's spiritual home of the car as the world's biggest motor show is unveiled.

The North American International Auto Show in Detroit has made preparations to open to the public, where visitors can see 500 cars and trucks spread over 18 carpeted acres of exhibition space.

Monday is the first day of opening for media previews.

Automotive journalists quickly named the Cadillac ATS sports sedan and the Chrysler Ram 1500 pickup truck as the 20th North American car and truck of the year.

The cars are big in the US and so are the adverts

At least 800,000 people are expected to take in all the gleaming models, amid the bright lights and thumping mood music when it opens to the public on Saturday.

Detroit has hosted a motor show for more than a century, and often nicknamed Motown for its long car manufacturing history.

For US car fans the biggest draw will be the first new Corvette in nine years, which has been hailed for its new European looks.

While the Corvette has wowed sport car fans, other less glamorous offerings are also being unveiled.

Protesters outside the motor show venue plead for more Detroit jobs

Electric carmaker Tesla is displaying new vehicles and Jeep is embracing diesel power for its Grand Cherokee.

And although Honda is offering a small SUV concept car British car firm Bentley is releasing its new luxury convertible.

Mercedes has already released photos of its new E-Class coupe and convertible, as some firms struggled to keep cars under wraps and away from car fans' websites.

US carmakers suffered major falls in demand during the global financial crash but demand for show tickets remains strong, according to organisers.

"You can't do enough on a screen. You can't crawl inside and get a feel for it," Rod Alberts, a 23-year veteran of the Detroit show who is now its executive director, said.

The new Corvette, the seventh model revamp, was praised for Italian lines

US car sales rose 13% to 14.5 million last year and could reach 15 million in 2013.

Last week Britain's car industry revealed that 2012 was the best year for car registrations since 2008, with more than two million processed by the DVLA.

Meanwhile, bloggers are already abuzz about next year, and whether a new Ferrari supercar will appear.

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TweetDeck: Twitter's UK Firm Risks Closure

By Pete Norman, Sky News Online

One of Twitter's UK companies is at risk of being struck off over repeated failure to file accounts with the business regulator, Sky News can reveal.

The firm under scrutiny, TweetDeck Ltd, has been fined for a second time after missing deadlines in September and December last year.

A Companies House spokesperson told Sky News: "This is a non-compliance issue and a compulsory strike-off action has commenced.

"TweetDeck is still yet to file. That means they have 99 days to file up-to-date accounts or face being dissolved and struck-off the register."

HM Revenue and Customs (HMRC) will also gain access to details of the filing failure.

Twitter Inc's CEO Dick Costolo is also a director of its two UK companies

Twitter, which now has 200 million monthly users worldwide, declined to comment when contacted by Sky News about the position of its UK business.

TweetDeck is used by Twitter "power users" and helps integrate the programme with Facebook and other social media applications.

It was originally due to file annual business accounts no later than September 30 last year, however it failed to do so and incurred a nominal £375 penalty at that time.

But because it did not file accounts by the second cut-off of December 31 it has been hit with a second, automatic £375 penalty.

If the accounts are not filed shortly TweetDeck may be fined a total of £1,500, and be subject to debt recovery procedures and court action.

Details of the "proposal to strike off" were sent from the Cardiff-based business regulator to the London Gazette and are due to be published on Tuesday.

The London Gazette is the official Government journal of record and it allows the Tax Office, creditors or other interested parties to know of TweetDeck's position.

TweetDeck was supposed to file accounts with Companies House last September

The Companies House annual returns are used by businesses as a basis for tax filings with HMRC, but there is no suggestion TweetDeck has avoided any tax liability.

TweetDeck was started by Sheffield-educated computer programmer Iain Dodsworth in 2008 and sold to Twitter Inc in May 2011 for an estimated £25m.

The San Francisco microblogging giant controls its UK operations through a Dublin-based parent firm, Twitter International Company.

Three American Twitter Inc executives are directors of Twitter UK Ltd - chief operating officer Ali Rowghani, chief executive Dick Costolo and general counsel Alex Macgillivray.

But only Mr Costolo and Mr Macgillivray are directors of TweetDeck. Mr Macgillivray is company secretary for both UK firms and head of corporate development at Twitter Inc.

TweetDeck's directors are now in the unenviable position of being part of the 0.9% of firms that fail to abide by regulations controlling UK businesses.

According to Companies House, more than 2.7 million firms are actively registered and 99.1% are up to date in their filings.

Twitter has expanded rapidly and sought to increase its use by celebrities

On December 10, Sky News revealed that both TweetDeck and Twitter UK had failed to file accounts by the pre-penalty due date of September 30.

Three days after the revelations Mr Rowghani signed annual abbreviated accounts for Twitter UK.

Those accounts were made public last week but only dealt with Twitter UK - not TweetDeck - between June 1 and December 31, 2011 and showed a profit of £16,500 on a total income of £484,723.

The filed documents showed Twitter UK accounts were audited by PwC and signed by a Dublin senior statutory auditor on December 17.

However no TweetDeck business accounts have been lodged with Companies House since Mr Dodsworth resigned in July, 2011.

Corporate solicitor Maung Aye, of Mackrell Turner Garrett, told Sky News: "It is particularly important for globally recognised companies to ensure that members of their group comply with any requisite filing deadlines set by the Companies Act 2006 and any other relevant legislation, to the extent it applies to them.

"What can be perceived by the directors as a relatively minor issue such as the late filing of a company's accounts, can potentially have very serious consequences including the directors of the offending company being prosecuted and ending up with a criminal record and the company being subject to a fine.

"Ultimately, the Registrar of Companies has the power to strike a company off the register if he believes it is no longer in business."

Companies House is also explicit in the duties expected of directors, whether they are Britons or foreigners.

US-based director Alexander Macgillivray heads Twitter's trust department

"As an officer of your company, you are personally responsible for ensuring that you deliver your accounts and reports before the time allowed runs out," the business regulator explains on its website.

Twitter has recently prepared for an expansion of staff in its London and Dublin offices as it builds a multinational advertising sales team.

Plans include increasing revenue by "self-serve" credit card payments for advertisers, a system to root out spam adverts, and a programme to translate tweet feeds into more than 28 languages.

It is also creating a "media partnerships" team in Britain to cultivate wider use of Twitter by celebrities including "athletes, actors, comedians, musicians, etc".

Corporate insiders believe the speed of expansion of Twitter and a lack of communication between professional and legal advisers have played a part in its British business filing blunders.

Forbes magazine recently reported that Twitter is moving towards a public flotation in 2014 and could be worth more than $11bn (£6.8bn) to investors if it successfully monetises social media without disenfranchising users.

But it risks further harm if it fails to improve external perception of internal structures.

"This could mean a public relations disaster for the global brand with the adverse publicity it would inevitably receive," Mr Aye said.

"Shareholders and investors would certainly feel very uncomfortable by the thought that their company does not seem to be getting these basic requirements right."

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Apple Shares Drop On Weak iPhone Demand Report

Shares in Apple have fallen after a newspaper report said orders were cut for spare parts due to unexpectedly weak demand for the iPhone 5.

Apple's share price dropped in early pre-market trading by almost 4% to below $500 (£310) - a place the company was around a year ago and well below the year-long peak of $705 (£430).

Shares rallied slightly after the opening bell.

The Wall Street Journal said two unnamed sources told it that Apple's first-quarter orders for iPhone 5 screens have dropped to about half of what the company had planned.

The report indicated one source also said the US-based firm had cut orders for other components, and that the order cut occurred last month.

Apple did not immediately reply to requests for a comment.

Samsung's Galaxy S III - the firm has sold more smartphones than Apple

The move is seen by analysts as a sign that new iPhone sales have been worse than expected as demand wanes.

Apple, the world's most valuable technology firm, has been facing increased competition from Samsung and other makers of smartphones that run Google's Android operating system.

South Korea's Samsung has already overtaken Apple as the world's largest smartphone vendor by market share, with some 50% greater unit movement.

Android devices accounted for 75% of smartphone shipments during the three months ending in September, up from 58% at the same time in 2011, according to the research firm IDC.

The iPhone's share stood at 15% in September, up from 14% in the previous year.

Google says more than 500 million Android devices have been activated since the software's release four years ago.

By comparison, Apple had sold about 271 million iPhones up to the end of last September.

Apple has also had to recently weather criticism of the conditions of its workers at massive production facilities in China, which are operated by Taiwan's Foxconn.

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Flat-Rate State Pension To Simplify System

Introducing a single flat-rate state pension will leave up to half of pensioners worse off by 2060, according to the Government's own figures.

Ministers say the coalition's plans to simplify the system will particularly help women, low earners and the self-employed.

It will see all new pensioners paid one rate above the means testing level, equal to around £144 in today's money, from April 2017.

Around 750,000 women will receive an average of £9-a-week extra, while millions of self-employed people will be brought fully into the state pension for the first time.

But the Government's own White Paper reveals more than half of people reaching state pension age after 2060 will be worse off.

When it is first introduced, around one in five pensioners will be better off, less than one in 10 worse off and others unaffected, according to the document.

But over time, the proportion losing out will rise rapidly and eventually many will be down by more than £2 each week.

The Institute for Fiscal Studies (IFS) said the plans implied a cut in pensions entitlements for most people in the long run.

Steve Webb says the new system will provide a better platform for saving

Pensions Minister Steve Webb said high earners would be among those affected but insisted there were "far more winners".

"Our simple, single tier pension will provide a decent, solid foundation for new pensioners in an otherwise less certain world, ensuring it pays to save," he said.

He also said there would be no impact on public sector pension schemes despite unions claiming a hard-fought deal on the Local Government Scheme could be hit.

The Treasury will receive billions of pounds in extra National Insurance (NI) payments because people will have to work for 35 years rather than 30 to qualify for the full amount.

However, Downing Street rejected suggestions that the change was designed to save money or raise extra cash for the Treasury.

And David Cameron said: "We're going to have later retirement ages as we're all living longer. I think it's fair to ask people to work a bit longer as we are all living longer."

Union members have taken to the streets to oppose the pension reforms

The IFS said the shake-up looked like a "welcome simplification" but warned there would be a "fairly complex pattern winners and losers in the short-term".

"The main effect in the long run will be to reduce pensions for the vast majority of people, while increasing rights for some particular groups, most notably the self-employed," a spokesman said.

"This will help a lot of women and a lot of lower paid workers who otherwise wouldn't get a decent state pension."

TUC General Secretary Frances O'Grady said: "Today's pensioners will be angry that they miss out on this reform and face continued threats to remove the winter fuel allowance and help with travel.

"The increases in the state pension age redistribute from poorer people with shorter life expectancies to the better-off who live longer."

But Joanne Segars, Chief Executive of the National Association of Pension Funds, said: "Today's announcement for a simpler, more generous state pension is a much-needed shake-up that will ultimately help millions of pensioners and savers.

"For the first time in a generation, people will know that it pays to save, and that whatever they put aside won't be eroded by means-testing when they retire."

Labour said 84,000 people in Wales were receiving a pension higher than the level proposed by the Government.

People entitled to such pensions stand to lose at least £10-a-week, said shadow Welsh secretary Owen Smith, adding:

"We will need look very carefully at these proposals as there is a risk that thousands of hard-working people across Wales who have paid contributions throughout their life will lose out," he said.

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European Union: Cameron Speech On Friday

David Cameron is to deliver his long-awaited speech on Britain's relationship with Europe in the Netherlands this Friday, Downing Street has announced.

The announcement came after Mr Cameron expressed confidence that he can overhaul the relationship and warned against a UK withdrawal.

The Prime Minister is under intense pressure from his own party, the business community and international allies ahead of the crucial address.

Amid growing public euroscepticism, senior Tories are now openly talking about the prospect of Britain walking away from the organisation.

Speaking earlier on Monday, Mr Cameron held out the prospect of a referendum but only once the British relationship with the EU has "fundamentally" changed.

David Cameron wants to stay in the EU

"A fresh settlement and then fresh consent for that settlement, I think that's the right approach," he said.

He also insisted that a straightforward in/out referendum would be a "false choice" because he believes most people do not want to leave entirely.

"The principle, I think, should be this: if you are fundamentally changing the relationship between Britain and Europe, then you should be having a referendum," he told the BBC.

But he continued: "I think if we had an in/out referendum tomorrow or very shortly, I don't think that would be the right answer.

"I think we would be giving people a false choice, because right now there are a lot of people who are saying I would like to be in Europe but I'm not happy with every aspect of the relationship so I want to change."

Despite increasing tension between Britain and its European allies over the repatriation of powers, Mr Cameron appeared hopeful he will be able to recalibrate the relationship.

"I'm optimistic and confident that we can achieve changes in the European Union to make sure that Britain feels more comfortable with our relationship with Europe," he said.

He denied that he was "blackmailing" the other members by arguing for the repatriation of powers.

Eric Pickles and George Osborne have both talked of leaving the EU

"Britain, just like every other European country, has a perfect right to say we are members of this club, we are prominent members, we pay a large bill for being a member of this club," he said.

"We are perfectly entitled to argue that it needs to change."

His comments came as Communities Secretary Eric Pickles became the second Cabinet minister in recent days to raise the prospect of Britain leaving the European Union.

Amid deepening divisions in the Conservative Party over the issue, Mr Pickles said the UK should not remain a member "at any price".

"If it's in our clear national interest that we should remain in the European Union - and I sincerely hope that is the case - then we should stay, but we shouldn't stay at any price," he said.

His intervention echoed that of Chancellor George Osborne, who said last week that the EU "must change" if Britain is to remain a member of the EU.

Tory heavyweight Ken Clarke is on the other side of the debate and will share a platform with Lord Mandelson later this month to stress the benefits of staying in the Union.

The pair are launching a new cross-party organisation, the Centre for British Influence through Europe (CBIE), to make the "patriotic" case for British engagement.

Around 20 Tory MPs have also apparently signed a letter, due to be published this week, warning of "massive damage" if the UK leaves the EU.

Mr Cameron is also under pressure from his Liberal Democrat coalition partners and Labour to avoid leading Britain towards the EU exit door.

Business chiefs including Sir Richard Branson have warned about the damaging uncertainty and last week, US diplomat Philip Gordon said American wanted Britain to stay in.

The Prime Minister said his speech, which has been expected for several months amid growing speculation about his stance on the EU, was "finished and ready to go".

He briefed German Chancellor Angela Merkel and Dutch Prime Minister Mark Rutte on its contents by phone over the weekend and will speak to other EU leaders this week.

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BBA Targets Body To Strike Off Rogue Bankers

By Mark Kleinman, City Editor

A tough new code of conduct for bank employees and an independent body that would have powers to ban rogue bankers are among a series of tough measures proposed on Monday to restore public trust in the beleaguered industry.

I have obtained a copy of a submission made by the British Bankers' Association (BBA) to the Parliamentary Commission on Banking Standards, which was set up in the wake of the Libor rate-rigging scandal last summer.

The creation of a Banking Standards Review Council, which would be underpinned by statutory or regulatory support, is one of a series of options presented by the lobbying group.

In its submission, the BBA suggests as a starting point that reforms should look at strengthening the existing infrastructure, which would involve extensive co-operation with the Financial Conduct Authority (FCA), the new regulator that will become operational later this year.

The current system is focused on an Approved Persons Regime, which the BBA argues could be strengthened by ensuring that all banking sector roles with significant responsibility for risk or customer-facing activity would be covered. This would include anyone with a wholesale markets function such as employees who help to set Libor benchmark rates.

The BBA says that "setting up a 'register of bankers' that individuals could be removed from or some sort of 'blacklisting' [may be necessary] with the aim of preventing an individual from working in the banking sector (and perhaps all of financial services)".

The BBA assesses two main options for an entirely new system: one would represent a "top-down approach [focused] on organisations as a whole and seeks to raise standards by requiring them to take steps to improve the oversight, monitoring and control of employees". This approach would be overseen externally by a body which the BBA proposes to call the Banking Standards Review Council.

That new organisation, the BBA suggests, "would need to be independent of the industry – by which we mean an independent non‐banking chairman and a majority of non‐banking members, including customers of banking services and the public interest, but with industry support and input".

As well as overseeing bankers' behaviour, it could also operate a whistleblowing system for bank employees.

Employees of both UK and overseas banks would have to adhere to a code that would be modelled on the Lord George Principles of Business Conduct, which include a duty "to act honestly and fairly at all times when dealing with clients, customers and counterparties and to be a good steward of their interests".

But, the lobby group warms, the creation of a new body could effectively mean moving to a "three peaks" regulatory system which duplicated the existing regime and risked causing "unnecessary and confusing complexity".

The BBA also highlights in its submission a "bottom-up approach...focused on professional standards [of] the individuals operating within the industry and seeks to raise their technical competencies and ethical standards. This approach is a feature of other professions, including the medical, legal and accounting sectors."

It could involve establishing a Professional Standards Board and could be "separate to the potential Banking Standards Review Council envisaged under the 'top-down' approach, or be one and the same".

Anthony Browne, the BBA's chief executive, is due to appear before the Parliamentary Commission later on Monday, where he is expected to discuss the options contained in the lobbying group's submission.

The options were formulated by a taskforce involving major UK banks including Barclays and Royal Bank of Scotland, along with two European banks and one American lender which are among the BBA members. KPMG, the professional services firm, was also involved.

As Sky News revealed last week, the chairmen of the six British-based banks have met to discuss the proposals, about which they did not reach a unanimous view. Hinting at the level of debate between them, the BBA submission admits that "it may be that the answer to strengthening ethical and professional standards lies in large part with the new regulator".

Some of the bank chairmen have argued during private discussions that they should wait until the FCA has outlined its approach to tackling banking standards-related issues before establishing a new body, while others believe a new organisation should be set up as soon as possible.

People familiar with the BBA's submission said it had decided to present the pros and cons of each proposal because it did not want to appear to be prescriptive at a time when the group has been discredited by its role as the overseer of the Libor-setting process.

"There was a feeling that a single option proposed by the BBA would be discounted by the Parliamentary Commission because of the difficult time the BBA is having at the moment," said one person familiar with the submission process.

The BBA said that tough new oversight of bankers' behaviour would not necessarily deter banks from investing in the UK.

"A well‐formulated proportionate approach to any Code and Council should, in fact, enhance the attractiveness of the UK as a place to do business. If the application of the Code raised standards of professional conduct and enhanced trust it should attract companies, capital and clients to the market. In this respect, parallels can be drawn with the UK law and judicial system, which draws people to London by virtue of the confidence in which it is held," its submission says.

The BBA declined to comment further ahead of Mr Browne's evidence session.

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