Andrew Bailey, an executive director at the Bank of England and soon to be head of the Prudential Business Unit, the group responsible for the supervision of banks, investment banks and insurance companies, has blasted free in-credit banking in the UK for being a "dangerous myth".

"It is a myth because nothing in life is free; rather, it means that we pay for our banking services in ways that are hard to link to the costs of the products we receive," he said.

Bailey made the comments today in a