Wednesday, June 18, 2008
Laurel & Hardy look to pass the buck to the BOE
Chancellor Alistair Darling has outlined plans to give the Bank of England new responsibilities in his Mansion House speech. Speaking in his first keynote address to City chiefs, the chancellor said the Bank will now also be accountable for the UK's financial stability. This is in addition to its statutory objective of setting interest rates. The radical new measures come in the wake of the collapse of Northern Rock amid global credit problems.