Britain launching probe into bank bonuses: Report

LONDON: Britain's Treasury is to order an independent investigation into banking bonuses, media reports said on Saturday.

Some of the biggest names in British banking are being propped up with government money as the credit crunch deepens, including the Royal Bank of Scotland, which has received billions of pounds of public money.

British Prime Minister Gordon Brown warned earlier this week that there can be "no rewards for failure" amid intense speculation that banking bonuses could be clamped down upon.

The Treasury could not be immediately reached for confirmation.