U.K. Defense Secretary Liam Fox is pushing for a “robust and well-equipped armed forces, capable of intervening abroad whenever necessary.” The British military needed a “war-fighting edge.” The U.K. government is implementing a strategic defense review of the shape and size of its armed forces. The U.K., Fox said, must not send signals that may be viewed as diminishing commitment to respond to threats such as rogue states, warlords and pirates, BBC reports.
Meanwhile, Financial Secretary Mark Hoban urged banks to exercise a “fair and stable” approach in granting bonuses this year. The European Parliament approved last week a deal that places new limits on bankers’ bonuses from next year. Hoban also confirmed that the U.K. government was considering ways to tax banks’ profits, according to BBC.
The U.K. Treasury select committee intends to conduct its own probe on the competition in the banking sector. The committee will release its findings before the government’s own independent investigation into whether big banks should be broken up. The committee plans to commence the investigation in September and release its findings six months later, The Guardian reports.