George Osborne: 'Tough action to clean up corruption'

Five banks have been collectively fined £2bn by UK and US regulators for failing to control business practices in foreign exchange trading operations.

HSBC, Royal Bank of Scotland, Swiss bank UBS and US banks JP Morgan Chase and Citibank have all been fined. A separate probe into Barclays is continuing.

Chancellor George Osborne said that "tough action" was being taken "clean up corruption in the City by a few", and that the money from fines would be used for "the greater public good".