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Bank of England to hold biggest ever review of UK markets


The Bank of England are set to launch the biggest ever review of the financial markets in history.

They are looking to restore consumer trust in the financial industry, after several investigations uncovered a number of rate-rigging scandals.

Recent rate-rigging scandals included Libor fixing, whilst investigations have also revealed alleged attempts by investors to fix the gold and oil markets.

The Bank has stated that they want to restore positive sentiment in the market, so that it is “fair, effective and trusted by all.”

In a statement, chancellor George Osborne placed an importance on the review being conducted in a way that “preserves the UK’s position as the global financial centre for many of these markets.”

He also continued to say: “The integrity of the City matters to Britain. Markets here set the interest rate for people’s mortgages, the exchange rates for our exports and holidays, and the commodity prices for the goods we buy.”

Appalling cases of misconduct

Minouche Shafik, the deputy governor of the Bank of England recently held an internal review of the Bank, and she accused bankers of committing “appalling cases of misconduct”.

Ms Shafik claimed that the offences committed by bankers made the financial crisis last even longer than it should have.

She claimed that the bankers had a “casual” attitude to abusing the market and that they created a “perverse” prestige.

However, despite these deep rooted problems, Ms Shafik said that there is “a real political window of opportunity to resolve these issues”.

The reason for this is that when speaking to the CEOs of banks, she found “a genuine wiliness” to work on these problems.

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