Alistair Darling set to ask banks for disaster recovery plans
Amid signs that the UK government is going down the same road as the US government and significantly increasing its control of the UK regulation environment, Alistair Darling is said to have ordered the Treasury Department to redraft basic banking rules in the UK. In a follow-up to a suggestion late last year, the Chancellor of the Exchequer is to ensure that all British banks have a plan for their own collapse which will allow third parties to step in and unwind their various positions without too much confusion.
Looking back at the Royal Bank of Scotland and Lloyds Banking group sagas, these took far too long to conclude and ultimately between the dates that rescue packages were announced and eventually concluded, investors were left in the dark and there was something of an information vacuum. Alistair Darling is set to confirm his plans in a speech to the House of Commons tomorrow which will clarify that the UK government will be taking on board all recommendations made by the Financial Services Authority chairman Adair Turner earlier this year.
Whether these potential changes will stay in place if a Conservative government gains power at the next election is very much open to debate because the Tory party has long been a supporter of the Bank of England becoming more involved in the UK regulatory scene.
Share this..
Related stories
CBI expects 30,000 financial jobs to go in next six months
In a bitter blow to the UK financial sector the CBI has revealed expectations that 30,000 jobs could be lost over the next six months. When added to the 40,000 job cuts last year across banks, building societies, insurers and investment managers, this does not bode will have the future of one of the U.K.'s largest service sectors.
The CBI is also suggesting that profits and business...
Npower sells 770,000 customer supply accounts
20/11/2013 Npower has sold 770,000 of its gas and electricity customer accounts to Telecom Plus to help turn the ‘big six’ into the ‘big seven’, in a move that could increase competition in the energy market. The deal which will cost Telecom Plus around £218 million will see its number of customers more than double to 1.2 million when the sale is completed in January 2014. However,...
Read MoreBankers pay flourishes in recession
Bankers in the City of London have today been criticised with the revelation that pay packets for the current year increased by 6% to an average of £53,223. At a time when UK taxpayers have literally "loaned" individual banks and the banking system as a whole, hundreds of billions of pounds, it seems that taxpayers are yet again being short changed and the bankers of the UK are flourishing again....
Read MoreCouncil tenants and their right to buy
Even in the midst of the current economic downturn which has seen property prices plummet across the UK there are still many council tenants able to acquire their properties at a significant discount to the current market price. While a number of tenants may not be in a position to acquire their homes at this point in time it is worthwhile checking out what rights you have and when they may expire...
Read MoreScottish leaders ignore collapse of Flyglobespan
Despite the fact that Scottish Parliament leader Alex Salmond has been championing all causes Scottish over the last few months, neither Mr Salmond or his political opponents took any time out in yesterday's Parliamentary questions session to discuss the issue of Flyglobespan. This reflects very badly on the Scottish parliament which is to all intents and purposes an arena to discuss all things Sc...
Read More