UK backs proposals to shake-up banking standards

LONDON, July 8 (Reuters) - Britain's finance minister GeorgeOsborne backed plans to raise standards across banking and saidon Monday he will push through a raft of proposals to shake upthe industry's culture after a series of scandals.

Osborne said he plans to implement the main proposals setout by a committee of lawmakers last month, which includes thethreat of prison for reckless bosses, greater scope to claw backbonuses and pensions, and two new registers to better monitorbehaviour.

"The government will implement its main recommendations.Where legislative changes are required we will amend the BankingReform Bill which is currently before Parliament," Osborne saidin a statement.