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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?

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