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Osborne To Give Bank Of England Top Regulatory Role

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Chancellor George Osborne has confirmed that he will give the Bank of England the key role in regulating the UK financial sector.

Mr Osborne told the House of Commons that the current system of financial regulation had "failed spectacularly"

He added that Sir John Vickers, former head of the Office of Fair Trading, would look into the potential break-up of Britain's biggest banks.

Mr Osborne is due to give more details of his plans in a speech tonight.

The existing regulatory systems, led by the Financial Services Authority, will be dismantled.

Mr Osborne confirmed the plans in answer to a question from shadow chancellor Alistair Darling.

Mr Osborne said: "On the structure of regulation, our plan is to hand over to the Bank of England responsibility for macro-prudential supervision, that should never have been taken away from it."

blah blah blah centralisation and banks that are too large have failed, the answer is more centralisation and the creation of the de facto largest ever bank in UK history.

There is more at the link but you know what it says by now, I am sure.

Banksters 143

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  • 396 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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