George Osborne met about 70 staff from the FSA yesterday to discuss Conservative plans for a new regulatory structure for the City.
The Shadow Chancellor went to the FSA headquarters at Canary Wharf yesterday morning with three colleagues, the Times says, to address regulators about his party's proposals to shift responsibility for the scrutiny of the financial markets back to the Bank of England.
In a crowded meeting attended by Hector Sants, the FSA chief executive, Mr Osborne said that he had assembled a working group of City experts to advise the Shadow Treasury. See story...
Mervyn King, the Governor of the Bank of England, called last night for banks to be split to prevent them becoming "too important to fail", saying that tougher regulation would not prevent another financial crisis, according to The Times.
His comments came as it was confirmed that the public finances suffered their worst six months on record between April and September and as a respected economic forecaster, warned that it would take longer to close the UK's budget deficit than the Treasury has been predicting. See story...
The dispute over City bonuses has escalated in reaction to new estimates that bankers' rewards will increase by 50% this year reports The Times.
Bankers will receive an estimated £6bn in bonuses for 2009, compared with £4bn for 2008, according to the Centre for Economics and Business Research (CEBR).
The possibility of bumper payouts has caused a political storm because they come in a year in which the Government has had to step in with billions of pounds of support for financial institutions. See story...
The UK's spiralling debt will lead to tax rises, spending cuts and delayed retirement far beyond what is being discussed, a think tank has said.
The National Institute of Economic and Social Research (NIESR) said the retirement age should be raised to 70 if debt levels are to fall by 2015 reports The BBC.
Alternatively, the government would have to raise the basic rate of income tax by 7p in the pound, it argued. "No politician so far has addressed the scale of the problem," said the NIESR. See story...
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