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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.”

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