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LATEST NEWS & EVENTS Too much banking regulation 'will have negative effect'  Too much regulation in the UK's banking sector will have a negative impact on the industry, leading figures have suggested. Speaking ahead of an event to celebrate the Confederation of British Industry (CBI) and PricewaterhouseCoopers' (PwC) survey's 20th anniversary, financial services leader at PwC Chris Jones warned that over-regulation could make Britain uncompetitive. He stated: "The shift in the global economy towards the east will present significant challenges for the UK's financial services industry and for London as a centre." Excessive or inappropriate rules or tax will reduce people's willingness to invest in the English capital, Mr Jones added. Meanwhile, CBI director-general Richard Lambert suggested that a regulatory structure must be imposed which encourages "healthy competition and sustainable growth". In his Pre-Budget Report last year, chancellor Alistair Darling announced a new tax on bankers' bonuses worth £25,000 or over as part of efforts to reign in what are now widely seen as the excesses of the industry. 
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