Banking bill to reform BoE and FSA

The bill, to be presented to the House of Commons tomorrow, will also propose a raft of reforms in financial regulation and at the FSA. Speaking to the Commons for the first time since Parliament returned from recess, the Chancellor says the Government is prepared to do whatever it takes to ensure the continued functioning of the financial system. He says the new banking bill will give the Government the power to act quickly to intervene in financial institutions, while the Bank of England will have a statutory duty to maintain financial stability alongside the FSA. Regulation of the ...