Timms: 'No reward for failure'

Treasury Finance Secretary Stephen Timms has told the BBC that the government has taken a firm position on bank bonuses and that "there must must be no rewards for failure in the banks that have benefited from public support."

Payments totalling �120m are reportedly to go to workers at Lloyds - which is 43% state-owned - despite record losses at the bank's subsidiary HBOS.