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Last night, Mr King told Scottish business leaders in Edinburgh that banks needed to be broken up to prevent them becoming "too important to fail".
Gordon Brown slapped down the Bank of England governor today after he attacked Labour's failure to reform the banking system.
The Prime Minister rejected Mervyn King's suggestion of separating High Street banks' retail and investment arms.
Mr King stunned ministers last night by claiming the Government's refusal to do so could cause an even worse financial crisis than last year.