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UK government delays publication of new banking regulations

The UK government has today attracted significant criticism from both opposition parties and those in the UK financial sector. After stripping out the forthcoming financial sector White Paper, the legal framework for new legislation, from the last budget this particularly vital piece of legislation had been expected this week. However, amid claims that there are problems behind the scenes, the UK government has announced plans to release the White Paper in July claiming a build-up of the White Paper presentations has caused the problem.

Many now believe that the UK government is having significant difficulty in drafting legislation to cover the many areas of the UK financial sector which it believes need reorganising. Suggestions that salaries can be capped and bonuses can be controlled in the future would appear to go against the human rights act in its very simplest form. Even though the UK government is adamant that there are no problems with the drafting of the new legislation there is significant concern across the markets that something is wrong.

Is it a coincidence that the UK government has this week fallen out with the Bank of England amid suggestions that the bank was kept out of the "loop" with regards to new regulations?

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