Cable: 'Common ground' over banks

Business Secretary Vince Cable has said there is "common ground" on the coalition's policy towards banking reform, amid reports from government sources that a shake-up of British banking may not come into effect for many years.

Although legislation could be passed to "split up" leading banks before 2015's scheduled general election, changes may not take effect until after that date, government sources have indicated.

But Vince Cable has said changes will go ahead and denied any splits with the Tories on the issue.