Government attacked over financial regulatory reforms
The UK government will today come under attack from a committee of influential MPs who have been studying the proposed changes to the financial regulatory system in the UK. In a positive move for the Conservative party, which has been critical of the UK government's proposals from day one, the committee will suggest that intended changes are nothing but cosmetic and under the surface the UK regulatory system is still very much in trouble.
In a move which many believe will strengthen the position of the Bank of England, the committee will also question why Mervyn King, the Gov of the Bank of England, was not consulted with regards to the government White Paper. This has been a bone of contention for some time as the Bank of England has for decades been central to the UK regulatory system although for some reason it appears to have been removed from the loop by the UK government. So is this the end of Gordon Brown's proposed changes?
When you consider that this influential committee of MPs is a cross-party group it seems as though Gordon Brown's proposed changes are in serious trouble. As we suggested above, this would play into the hands of the Conservative party which has for some campaigned for a very different approach. How will the UK government to react to the criticism?
Share this..
Related stories
OECD claims UK government can't afford election giveaway
The Organisation for Economic Co-operation and Development (OECD) has today issued a stern statement aimed at Alistair Darling suggesting that the UK economy is in such a dire state that he cannot afford to even contemplate a "pre-election giveaway program". The statement comes after the release of October figures for government finances which were the worst on record and show the true demise of t...
Read MoreThe silence is deafening from Cadbury
As we covered yesterday, American food giant Kraft Foods would appear to be the only potential bidder for UK chocolate manufacture Cadbury at this moment in time. Amid rumours that the company is looking to launch a £10.5 billion offer for Cadbury the silence has been deafening from other potential bidders and Cadbury management themselves. So what is going on?
Up until now it was...
Zero-hour employees earn £300 less than permanent
15/12/2014 People on zero hour contracts in their place of employment end up earning £300 less per week than permanent employees, a new report has shown. The report, carried out by the Trades Union Congress (TUC), showed the average weekly earnings for zero-hour workers is £188, compared with £479 for permanent staff, even when doing the same or similar jobs. The report also showed tha...
Read MoreRent prices increase 3.4%
25/01/2015 Rent prices in England and Wales increased by 3.4% over 2015, according to figures from estate agents Your Move and Reeds Rain. The figures show that the cost to rent a home has increased to its highest level ever in some regions, with the average cost of renting now at £794. The largest increase over the year was in the East of England where rents increase to an average of £83...
Read MoreExport concerns cloud over manufacturing optimism
Britain's manufacturing sector is performing well despite the strong performance of the pound overseas, a survey shows.Research from manufacturing firm EEF showed that output remains robust and firms are positive on employment and investment in the second quarter.Job cuts are expected to slow in the next three months while investment intentions and output orders remain buoyant.But in a sector whic...
Read More