Standard ignores cost to stay in UK

STANDARD Chartered last night warned that a ribbon of red tape being wound around the bank by the UK government could cost it an extra $500 million (£320m) a year.

Chief executive Peter Sands told the Treasury select committee that the coalition’s bank levy and measures being suggested by the Independent Commission on Banking had strengthened the case for moving the bank abroad. But he said Standard – which carries out much of its business in Asia – would stay in London.