David Cameron

The Conservatives have proposed the biggest shake-up of the Bank of England since its independence over a decade ago, with a new Bank Act designed to prevent a re-run of the Northern Rock crisis, The Telegraph reports.

The financial services industry waits with baited breath for Chancellor Alistair Darling's pre-Budget report, expected before 4pm this afternoon.

The Conservative Party is considering the reintroduction of the right-to-buy scheme and widening of shared ownership for first-time buyers if elected into government.