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Then we had the Financial Policy Committee!

A Green paper issued today by the UK government will detail significant changes within the structure of the Bank of England and the creation of a new subsidiary to be known as the Financial Policy Committee. The new committee will be under the control of the Bank of England and will be responsible for "prudential regulation" of all investment banks, insurers and deposit taking institutions in the UK.

The committee itself will be headed by a new deputy governor although overall control of the subsidiary will remain in the hands of Mervyn King, the governor of the Bank of England. The new committee will consist of 11 members whose role it will be to monitor the macro economics of the UK and look for signs of potential credit bubbles which eventually led to the collapse of the worldwide economy only three years ago. The committee will meet only four times a year and minutes from each meeting will be released within six weeks although there will be a six monthly report published on the UK economy.

This new committee will in effect be the first line of defence for the UK with regards to economic challenges in the future and should hopefully help to avoid similar situations such as that seen in the credit crunch.

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