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HSBC considers headquarters move away from UK

Banking giant HSBC is to carry out a review into whether to keep its headquarters in the UK.

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Clegg defends coalition 'tightening' of banking regulations

Deputy Prime Minister Nick Clegg has defended the coalition government's tightening of banking regulations and the application of the banking levy in the wake of HSBC's announcement it may move its HQ out of the UK, saying on Radio 5 Live that:

This coalition Government has significantly tightened the rules and regulations around banking, quite rightly, because the banking system blew up in our face in 2008, we can never let that happen again.

I have to say as Deputy Prime Minister of this Government over the last five years, I make no apology for clamping down on excessive bonuses, on making sure the banks pay their fair share by paying much, much more tax through our banking levy.

– Nick Clegg

The Liberal Democrat leader also added: "I hope HSBC will stay here in the United Kingdom, headquartered here, they are a big global bank and can obviously make their own mind up."

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HSBC considers headquarters move away from UK

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