Tory minister suggests banks sue Bank of England over strict regulations

Andrew Griffith made the suggestion in a discussion with banking representatives

The Bank of England is responsible for prudential financial regulation (AP)

A UK government minister has suggested banks could sue the Bank of England over strict financial regulations aimed at preventing another crash.

Andrew Griffith, the City minister, raised the prospect of legal action against the Basel 3.1 reforms during a discussion with banking representatives, the Bloomberg news agency reports.

The reforms will require banks to hold more capital to issue customer loans, and some are unhappy with the new requirements.