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Tories back urgent reforms

The Tories have written to Chancellor Alistair Darling offering to co-operate with any urgent action taken to reform banking regulation in the aftermath of the Northern Rock debacle.

In a letter to Darling last week, Shadow Chancellor George Osborne said it is a priority to reform the banking regulations, as suggested by Bank of England governor Mervyn King at last week’s Treasury select committee meeting.

Osborne said action is needed as soon as Parliament returns in October and called on Darling to make a full statement on in the next few days.

The letter says: “I believe the necessary legislation must be passed as quickly as is reasonably possible through Parliament. This should happen as soon as Parliament returns in October so we can replace verbal promise you gave on Monday with solid statutory arrangements that ensure the stability of Britain’s financial system.

“My front-bench team and I are therefore ready to open discussions with you and your colleagues immediately.”


Rolling with the Rock

Once upon a time, a chief executive who presided over a crash in share price following a run on his bank and a humiliating request for funds from the Bank of England would have resigned. A Chancellor who oversaw a run on a bank would have resigned. A Bank of England governor who failed to anticipate the crisis would have departed.

‘Malicious glee at misfortunes’

Robert Sterling managing director Kevin Duffy believes Northern Rock has been the subject of schadenfreude by other UK mortgage lenders.Duffy said: “Northern Rock has for the last two years been a very much envied lender and that might explain potentially why some of the lending community have not been falling over themselves to shed a […]

IMA bids to figure out fund formula for yield standard

The Investment Management Association is looking at devising a standardised way of calculating yield for the UK equity income sector.All funds are required to disclose yields but some firms have been concentrating on coming top of the total return rather than yield tables.Equity income funds are meant to deliver a yield of at least 110 […]


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