The chancellor of the Exchequer has warned employers in the City not to wait for legislation on bonuses but to act now.

According to the BBC, in his address to the Labour Party Conference, Alistair Darling will say: "Within months, the country faces a big choice - a choice not just about who is in Government but about values that will shape our country and the opportunities for our people. It's a choice that will affect every area of our lives, every aspect of our future.

"Let me assure the country - and warn the banks - that there will be no return to the business as usual for them. So in the next few weeks we will introduce legislation to end the reckless culture that puts short-term profits over long-term success."

Darling is also expected to tell the Party he will continue his work with his French counterpart, Christine Lagarde, to push forward guidelines on capping bonuses agreed last week at the G20 conference in Pittsburg, US.