Bank of England to gain new powers of secrecy
The UK government is looking to push through a number of changes to the financial industry one of which will allow the Bank of England to refrain from printing a weekly statement of accounts, and may allow them to hide a number of economic strategies. There are concerns that the move will see the UK government in conjunction with the Bank of England flood the UK market with newly printed money as a means of attacking the recession. However, this may well just be this tip of the iceberg.
Under laws going back hundreds of years the Bank of England has always issued a weekly current account which has allowed analysts and experts to follow the flow of money around economy and the issue of new loans. By taking away this vital element of regular information from the financial system this could in theory allow the government of the day to hide a variety of economic strategies and economic bailouts.
This news comes only weeks after speculation that the Bank of England's independence is in jeopardy because of a number of disagreements with the government over how to handle the economy. It would be ironic to see independence taken away from the bank bearing in mind Gordon Brown has been such an advocate of the policy.
Share this..
Related stories
European Investment Bank approves $1.2 billion car industry loans
In a move which has been presented under the auspices of a green revolution in the European car industry, over $1.2 billion in loans have been cleared for EU car manufacturers. With the proviso that the funds are used to cut CO2 emissions and release cleaner cars to the car market, many car manufacturers will be relieved to say the least.
The likes of Nissan, Volkswagen and Jaguar L...
Sellafield joins the wildcat strikes
As predicted, a number of new wildcat strikes have emerged today in response to the government's firm approach to the problem of foreign workers in the UK. Gordon Brown and Lord Mandelson stand accused of a heavy-handed approach to the problem at the weekend when they gave no hope or support to the reunions or employees of the UK. There are concerns that the thousands of UK workers now on picket l...
Read MoreIt is sensible to downsize the UK banking sector?
If you listen to the UK government and the UK regulators it appears as though they are determined to "downsize" the UK banking sector and take away much of the progression achieved over last few years. However, it is worth remembering that the UK financial sector is the central focus of the UK economy and London itself is one of the major financial markets of the world. Any significant changes to...
Read MoreYoung people to be poorer than parents
20/11/2015 Young people may be poorer than their parents at every step of their lives, according to a new report from the Institute of Fiscal Studies (IFS). The report showed that the slow rate of growth and the increase in pension values means that young people are set to lag behind earlier generations in wealth terms. The study also looked at peoples attitudes to saving and pensions, a...
Read MoreIs the stock market as risky as people suggest?
The last 24 months have seen a rollercoaster ride in the UK, and worldwide, stock market with billions upon billions of pounds lost but many people making significant profits in the short term. While there is no doubt there are short, medium and long-term risks to investing in any stock market in the world, is it sensible to avoid stock market investment?
The truth is that any inves...