Wednesday, January 30 2008
George Osborne has launched a package of banking reforms aimed to ensure financial stability and maintain Britain’s competitiveness.
The measures are designed to:
- Restore confidence in the UK’s system of financial supervision
- Restore the independence of the Bank of England
- Reverse the damage done by the Northern Rock crisis to Britain’s reputation as a financial centre.
Specific policies include new, pre-emptive powers for the Bank of England to deal with failing banks and a non-renewable, eight-year term for the Governor of the Bank of England.
George said, “We will fight to ensure that the Bank of England is not sidelined in the crucial job of rescuing failing banks and protecting stability.”
Promoted by Alan Mabbutt on behalf of the Conservative Party, both at 30 Millbank, London, SW1P 4DP