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  They are all in it together.............
  
  Outgoing Bank of England Governor Sir Mervyn King accuses George Osborne of lobbying on
  
  behalf of banks to weaken regulation
  
  George Osborne was challenged over whether he gave in to intense lobbying by bankers to force
  
  regulators to water down demands for banks to raise more capital to protect themselves against
  
  future shocks.
  
  Sir Mervyn King, the departing Governor of the Bank of England, claimed that there were
  
  "certainly calls made to Number 11 [Downing Street] and even in some cases Number 10" to put
  
  pressure on the Prudential Regulation Authority [PRA]."
  
  He told the Commons Treasury Select Committee that it was "very often it was the first response"
  
  of banks to call politicians after confidential discussions with regulators. He praised the PRA for
  
  maintaining its independence, suggesting the authority had not bowed to any pressure from
  
  Mr Osborne or David Cameron, but said such lobbying must stop

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