Carney: 'Age Of Irresponsibility' Is Over

Bank of England Governor Mark Carney has warned the "age of irresponsibility" is over as he called for longer prison sentences for rogue bankers and traders.

In a speech to the City, he set out plans for those who break the law to be jailed for up to 10 years.

He wants tighter controls to prevent abuse of the markets following a series of City scandals.

Mr Carney said: "For the best in the business, this won't be new. This is just how you run your business.

"But for others, who free ride on your reputations: the age of irresponsibility is over."

He made the comments at his annual Mansion House address, where the Chancellor also spoke .

George Osborne told the audience he agrees with the Governor's concerns and the need for stronger action against criminal activity.

"The public rightly asks why it is that after so many scandals, and such cost to the country, so few individuals have faced punishment in the courts," Mr Osborne said.

"The Governor and I agree: individuals who fraudulently manipulate markets and commit financial crime should be treated like the criminals they are - and they will be."

The Bank of England released its final report into how the financial markets work and what needs to be done to restore public confidence.

It has made 21 recommendations, aimed at improving professional standards and strengthening the regulation of UK markets.

Mr Osborne publicly backed the report's findings.

"For let us be clear: there is no trade-off between high standards of conduct and competitiveness. Far from it," he said.

"Implementing the reforms set out in this review will ensure trust in our markets and strengthen London's global leadership position."