Two former bank chiefs have stepped up pressure on HBOS in a bid to force its chief executive and chairman to quit.

Sir Peter Burt and Sir George Mathewson want to replace the men and scrap the Lloyds-TSB merger plans in favour of a recapitalised stand-alone bank.

Sir Peter has now accused the HBOS board of running it into the ground and said the £12bn merger was not in the public interest.